commercial property owners

PHOTO: JASON DORDAY/STUFF Chief executive of the Property Council Leonie Freeman says the council has called for reinstatement of depreciation for commercial buildings since it was first removed in 2010.

Thousands of building owners of commercial and industrial properties will receive a boost worth hundreds of thousands of dollars from changes to tax included in the Government’s $12.1 billion emergency stimulus package to combat the impact of the coronavirus pandemic, a leading valuer says.

As part of the $2.8b support package for business, the Government has reintroduced building depreciation deduction claims for property owners with commercial and industrial properties, at a level of two percent a year, starting in April 2020, director of valuation services for Bayleys Valuations, John Freeman, said.

The business relief measure comes after tax deductions for depreciation on building structures were removed in the 2011-2012 tax year. New deduction claims would also be available for earthquake strengthening.