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QB 21/11
Issued
16 Dec 2021

Elections not to depreciate commercial buildings

This question we’ve been asked sets out the position for taxpayers making an election to not depreciate their commercial building since the depreciation rate of 0% was removed from commercial buildings with effect from the 2021 income year. 

Income Tax Act 2007 – ss DA 1, DA 4, EE 1(2), EE 8(3), EE 8(4), EE 8(5), EE 8(6), EE 16(3), EE 47, RM 2
Income Tax Act 1994 – s 16A
Tax Administration Act 1994 – s 113