Tax Depreciation Schedules

What is a Tax Depreciation Schedule?

Depreciation is what happens when an item’s value declines over time because it is becoming worn out. A Tax Depreciation Schedule is a report that lists everything in an investment property that is decreasing in value or ‘depreciating’ in value. If your property was built after the 18th of July 1985 this will also include the building itself. If your property meets this qualification and the original construction data is not available, it is essential that you hire a Quantity Surveyor to estimate this cost.

Why Do I Need A Tax Depreciation Schedule?

Tax Depreciation Schedules are needed to claim tax deductions. The depreciation method is used to calculate the cost of an item over its lifespan. When it comes to investment properties, you are only allowed to claim this type of deduction for specific items. A Tax Depreciation Schedule lists these items for you so you know what to claim against your taxable income.

All investment properties can have their assets depreciated and even some older properties can often contain fixtures and fittings that qualify them for a professionally prepared Tax Depreciation Schedule. This also applies to most renovations after the date mentioned earlier. Use our Tax Depreciation Calculator to get an indication of what you could be claiming.

Why Do I Need Asset Economics?

Every property is different, and so having an accurate schedule will determine the outcome of your tax return. There are two different categories the items must fall under, the first is equipment related like an oven or even your carpet, the second is the building itself. Determining what qualifies for depreciation can get a bit tricky. Hiring a professional to do this for you will ensure that nothing is missed and you get the best possible tax return.

What is included in the fee:

  • Cover page
  • Glossary of terms
  • Property summary
  • Division 43 summary (building write off @ 2.5%)
  • Diminishing value summary (plant and equipment)
  • Prime cost summary (plant and equipment)
  • Total summary – 40 years
  • Disclaimer

Keep in mind, the cost of our Tax Depreciation Schedule is 100% tax deductible!

Our Tax Depreciation Schedules are completed in 3 easy steps from $500 + GST. If you need a Tax Depreciation Schedule for your investment property, get a quote.

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Find out how much you can claim with the Tax Depreciation Calculator

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