You can claim two types of depreciations – depreciation on fittings and fixtures and depreciation on the building itself. Buildings constructed between 1985 and 1987, depreciate by 4% annually, while those constructed after 1987 depreciate at 2.5% annually.
Depreciation is one area where it pays to get professional assistance. With a quantity surveyor you can be assured that the property will be properly inspected. He will also draft a complete depreciation schedule ensuring that nothing is missed out on depreciation deductions and nothing is overstated in your claim, which could cost you tax penalties.