Structures and buildings allowance statement

To claim the structures and buildings allowance you must maintain an allowance statement containing certain information about the expenditure for which the allowance is being claimed.

Allowances

S.270IA(4) requires those who claim the structures and buildings allowance to maintain a “written allowance statement”. There is no statutory form for the statement which means you can keep a hard or digital copy.

As a minimum, the statement should include:

• information to identify the structure, such as address and description
• the date of the earliest written contract for construction
• the total qualifying costs
• the date that you started using the structure for a non-residential activity.

If you buy a used structure, you can only claim the allowance if you obtain a copy of the statement from a previous owner.

For any extensions or renovations that were completed after you started using the structure, you can record separate construction costs on the allowance statement or create a new one.

You’ll need to keep information about the earliest construction contracts in your records. You can use things like formal contracts, emails or board meeting notes.