Speak with Australia’s multi-award-winning Retail Property Depreciation Experts, Washington Brown, and maximise the deductions you can claim on your retail property today.

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Could You Be Missing Out On $1 Million In Claims?

Did you know that property depreciation deductions for shopping centres are in the millions – and often tens of millions of dollars – over the asset’s lifetime? Unfortunately, many retail property owners fail to make these huge deductions, costing them profits to which they are entitled. 

Making these claims will significantly lower taxable income, maximising profits and cash flow, which is crucial in the current retail climate. But how do you make such claims for your retail property? 

Getting started is as simple as reaching out to Washington Brown! With our extensive knowledge of retail property depreciation and guidance, we can ensure that you’re receiving the full claim amount you deserve. 

Maximise your claims by calling us at 1300 990 612 today! You can also request a quick quote to find out your property’s potential savings here.

Save On Taxes- Get a FREE Depreciation Quote

What Are The Rules For Claiming Depreciation On A Retail Property?

Real estate owners might be familiar with the changes made to depreciation rules in 2017, making it so that residential property owners could only make depreciation deductions if they were related to plant and equipment items on new properties. 

The good news? While these changes have been implemented for residential real estate, retail property depreciation claim rules for owners of buildings like shopping centres have not changed. 

This allows you to file claims for capital allowances (construction costs related to the building) and for plant and equipment assets (items found within the building).

As long as you have a building experiencing property depreciation, you’re ready to claim these retail property depreciation claims when you file taxes.   

Maximising Your Claims With Washington Brown

Many retail property owners will make a mistake in trying to conduct their own property depreciation audit. Without the proper support, you can miss out on thousands of dollars that you would have otherwise been able to claim. 

Additionally, misreporting can result in an ATO audit that could have been avoided. Fortunately, Washington Brown is dedicated to ensuring you can maximise your depreciation claims safely and effectively. 

At Washington Brown Depreciation, we are experts in property tax depreciation. Our specialist property depreciation team offers you greater savings by leveraging their extensive retail property experience to find claims on your property. 

Where necessary, we inspect your property to ensure it meets the necessary ATO requirements (as per the Australian Institute of Quantity Surveyors Code of Practice), document and photograph all evidence of depreciation to keep you protected in the event of an audit and handle the preparation of your claim for you.  

Contact us today if you’re ready to file your claim!

How It Works

Getting Started With Washington Brown

Step 1: Contact Us

When you’re ready to maximise your tax savings on your property, contact us. We’ll conduct a property inspection to ensure that your real estate deductions meet ATO requirements.

Step 2: Let Us Find Opportunities to Claim

We go through the process of analysing your property, finding deductions, and documenting all claims so that you can rest assured that you’re getting the savings that you’re able to claim from your property.

Step 3: Save Money!

Whether you’re a property real estate owner or tenant, Washington Brown is dedicated to helping you save money. Just reach out to us, let us find your claims, and save! It is that easy.  

Retail Property Case Studies

See What We’ve Accomplished For Other Retail Property Owners

Project: Settlement City Shopping Centre, Lendlease

Port Macquarie, NSW
Washington Brown’s Role:
Tax Depreciation Report
Eligible Capital Expenditure Deductions:
$20 million +
Project Overview:
The original Shopping Centre was constructed in 1984. Substantial improvements to the Centre have been carried out from 1988 to 2006 to meet the area’s changing needs. Identification of these improvements by Washington Brown has resulted in a substantial increase in our client’s tax benefits.

Project: Stud Park Shopping Centre, Lendlease

Rowville, VIC
Washington Brown’s Role:
Tax Depreciation Report
Eligible Capital Expenditure Deductions:
$41 million +
Project Overview:
The Shopping Centre was constructed in 1989. Through Council record research and meetings with the Centre Management, Washington Brown identified major extensions and renovations to the existing centre in 1997. Accurately ascertaining the historical capital expenditure work carried out on the property over time resulted in substantial tax benefits.

Project: IKEA

Rhodes, NSW
Washington Brown’s Role:
Tax Depreciation Report
Eligible Capital Expenditure Deductions:
$60 million +
Project Overview:
The superstore was fitted out in 2004, occupying a large portion of the Rhodes Shopping Centre.

Project: Suburban Retail and Commercial Premises

Turramurra, NSW
Washington Brown’s Role:
Tax Depreciation Report
Eligible Capital Expenditure Deductions:
$1 million +
Project Overview:
The building was constructed before 1982 but had a revamp in 2003. This is a perfect example of a lightly refurbished suburban retail/commercial building.

Frequently Asked Questions 

Learn How Washington Brown Can Help You

What Is Depreciation?

Property depreciation occurs when an asset loses value over time due to physical deterioration.

According to Australian tax law, individuals who own commercial real estate (such as a retail property like a shopping centre) used for income-producing purposes or who are a tenant renting retail property are entitled to claim the depreciation of that property against your taxable income.

There are two types of depreciation allowances available for retail properties:

With the building itself and the items outside of it experiencing damage over time, you can make claims on both items to reduce your taxable income and maximise your profits. You can also use our FREE depreciation calculator to find out your potential savings on your investment property.

Property Depreciation Calculator
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Estimated Results

Years Diminishing Value Prime Cost
Year 1 $0.00 $0.00
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What Am I Allowed To Claim As A Retail Property Owner Or Tenant? 

The date on which your retail property was built (1982 to present) will ultimately determine the commercial property depreciation claim rates that you can take advantage of when filing your taxes. 

At Washington Brown, we calculate these rates once we thoroughly inspect your property and seek out retail property depreciation claims. Regarding plant and equipment claims, we maximise your savings by documenting and claiming every possible item we can claim!

Why Should You Claim Depreciation As a Property Owner? 

Real estate, like anything, loses value over time as it begins to experience regular wear-and-tear. If you fail to report this gradual damage, you will pay more than you should. 

Maximising your retail property depreciation deductions as a commercial property owner is essential because it could save you millions of dollars on the property you own or rent. 

Not only is it common sense, but it’s good business to maximise your deductions and, in turn, your profits. Many owners miss out on the savings that can be made through depreciation – don’t be one of the statistics!

How Much Can I Claim In Depreciation Deductions? 

Having a depreciation schedule for the retail property will enable most owners to claim millions in depreciation. However, many factors will play a role in how much you can deduct, including the size, age, and value of the asset. 

For example, let’s imagine that you have a shopping centre built in 1994 and purchased for more than $60 million. A total of $12.5 million can be claimed in depreciation over 40 years, $7.7 million of which is in the first five years.

While this is an excellent example illustrating the importance of making depreciation claims, each commercial property is different. Many varying factors must be considered when preparing a property depreciation schedule for your individual property. 

With this in mind, we have launched the Retail Property Depreciation Calculator to give you an estimate of potential deductions for your property. Then, we can provide you with the comprehensive support you need to act on these savings. 

Can I Still Make A Claim If My Shopping Centre Has Been Renovated? 

Yes, you can still claim a depreciation deduction even if a previous building owner conducted the renovations. The Australia Taxation Office (ATO) needs to know how much was spent on renovation costs (but if the price is unknown, we are fully qualified to make an estimation).

An excellent example that illustrates this is to imagine that you own a shopping centre built in 1965 and purchased this year for more than $30 million. The previous owner had recently completed a renovation of the centre, totalling approximately $6.5 million. This renovation can be claimed by the new purchaser, $2.8 million of which is claimable in the first five years.

Despite such a property having no eligible building allowance, major redevelopment work has provided capital works deductions. We will keep these points in mind when we inspect your retail property. 

Can You Claim Depreciation As A Tenant Of A Retail Property?

Insofar, we’ve covered the tax claims that retail property owners can make. However, retail property tenants may feel they cannot benefit from these tax laws. 

The truth? Tenants renting a retail property can make depreciation claims on properties that they’re renting, although it will look a little different for them. 

Rather than claiming depreciation on the building itself, tenants can claim depreciation on the fit-out and plant & equipment items they purchased for their space. Some commonly claimed items include mirrors, furniture, clothing racks, benches and shelves, and mannequins, to name a few. 

Washington Brown provides professional depreciation advice and reports for buyers, owners, and sellers of shopping centres and tenants.

Do You Need To Get A Professional Depreciation Schedule? 

Yes. A depreciation schedule will maximise the tax savings on your retail investment.

The good news? You only need to get it done once, which you can easily accomplish with a Washington Brown depreciation schedule valid for up to 40 years (the lifetime of the building). However, we recommend updating the report if you do any renovations, repairs, or need to replace internal items.

You can provide the report straight to your accountant at tax time.

How Much Does A Depreciation Schedule Cost?

The cost of preparing a tax depreciation schedule varies according to numerous factors, including your retail property’s location and size. Get an individual obligation-free online quote from Washington Brown now.

The fees are 100 per cent tax-deductible, and we guarantee you’ll save at least twice our fee in the first 12 months, or there will be no charge!

Ready To Claim Depreciation On Your Retail Property?

Request A Quote   Free Consultation