The schedule will set out all tax depreciation write-off claims for an investment property over the life time of the property. Based on your allowances, the report calculates the amount you can deduct each year as part of your tax return.
Our Tax Depreciation Schedules are prepared under the guidance of the relevant tax rulings and legislation set by the ATO.
A detailed tax depreciation schedule document will include the following:
- On-site inspection/assessment of the properties construction and plant & equipment – including common areas within strata holdings by a tax depreciation specialist.
- A detailed one off property deduction schedule – valid for the life of the property – maximum effective life of 40 years.
- A detailed table illustrating the total property deductions for the lifetime of the property (Division 40 – Decline in Value Deductions on Plant & Equipment, Division 43 – Capital Works Deductions on Building & Infrastructure) for both Prime Cost and Diminishing Value methods;
- Immediate write off assets, low value pooled assets, Structural improvements, Furniture packages all addressed.
- The report is calculated on a pro-rata basis from the settlement date so that the accountant has the exact deductions for each financial year.
- An electronic copy will be emailed approximately 2 day’s following inspection.
- An addendum report – to account for the assets which have been purchased by the investor after settlement.