Planning a Refurbishment?
Speak to us before you remove anything.
What are Scrapping Deductions?
When a commercial property is refurbished, existing fit-outs, fixtures and building components are often removed and replaced. Some of these items may still have remaining depreciable value.
A Scrapping Assessment identifies potential deductions associated with eligible assets and capital works being removed as part of the refurbishment.
The key is to undertake the review before demolition begins, while the existing fit-out can still be inspected, identified and documented.
Don’t wait until after demolition
Once walls come down, ceilings are removed and fit-outs are stripped out, important evidence can disappear with them. This can make it difficult, or in some cases impossible, to properly identify and substantiate deductions that may otherwise have been available. That is exactly what occurred in the case study, where substantial potential deductions could not be substantiated after the fit-out had already been removed.
If you're planning refurbishment works, speak with R24 before anything is removed.
We'll review the project and determine whether a Scrapping Assessment is appropriate.
Not sure what qualifies?
You don't need to determine this yourself.
Eligibility can depend on factors such as who owns the existing fit-out, how it was acquired and how the property has been used. R24 can review the circumstances and determine whether there is an opportunity worth pursuing.
The important thing is to contact us while the existing fit-out is still in place.
