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Office Asset Repositioning Securing A Premium Position in Australia’s CBD Office Markets

On 3 February 2009 the Federal Government announced a 30% investment allowance in the form of a deduction for business investment expenditure committed up to 30 June 2009 and completed by 30 June 2010. The asset must be tangible and qualify for capital allowances under the basic provisions of Division 40 (depreciation of plant and equipment). This includes buildings and the like which qualify for deductions for capital works under Division 43. The asset must be new and not second hand but in a clear difference to the past may include ‘new expenditure on existing assets’ and must be greater than AUD 10,000. So is it time to reposition your commercial office asset and take advantage of this 30%? Do you decide to pull forward capital expenditure into 2009? Asset repositioning refers to an injection of capital for a major or strategic refurbishment at a point relative to the life cycle of the real estate asset, property cycle and tenant expiry profile. It aims to improve the overall financial performance of an asset and to future proof it against accelerated obsolescence.

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