Q：
|
Is the deduction allowed for all types of buildings?
|
A：
|
No, the deduction only covers capital expenditure incurred on the renovation or refurbishment of a building other than a domestic building by a person in the production of chargeable profits.
|
Q：
|
What is the timing of deduction?
|
A：
|
It is allowed as a deduction by five equal instalments, the first of which is allowed in the basis period during which the expenditure was incurred and remaining four instalments in the basis periods for the next succeeding four years of assessment.
|
Q：
|
Am I still qualified for depreciation allowances if I claim deductions for expenditure on building refurbishment?
|
A：
|
No, any expenditure allowed for building refurbishment will not qualify for de preciation allowances.
|
Q：
|
How can I identify if the expenditure incurred is qualified for deduction?
|
|
A：
|
To qualify for deduction, the expenditure incurred must be a renovation or refurbishment in nature.
|
Q：
|
What are the expenditures that do not qualify for deduction?
|
|
A：
|
The deduction does not apply to expenditure incurred for the following:
-
For a building which is used or intended to be used as a domestic building;
-
To enable a building to be first used substantially by the person for the production of chargeable profits;
-
To enable a building to be used for a purpose different from that for which it was used immediately before the capital expenditure was incurred.
|
FAQ
