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Depreciation Schedules

Depreciation Schedules

Depreciation Schedules

The depreciation schedule is the most important document that you need to claim the tax benefits offered on property depreciation. A depreciation schedule is a report that a specialist quantity surveyor offers after thorough inspection of the property. An accurate depreciation schedule is a must if you want to maximise the cash returns from the property you have invested in.

Understanding the Process 

The Quantity Surveying firm or surveyor will prepare a depreciation schedule that contains the necessary evidence to support the report. The evidence collected could be in the form of:

It is important to understand that depreciation can be for both old and new properties. No property is too new or too old when it comes to claiming depreciation. 

What Does the Depreciation Schedule Consider?

There are two main things that the Quantity Surveyor considers when preparing the depreciation schedule –

Capital works allowance is calculated for the structural element of the property. This includes immovable fixed assets. This allowance, also referred to as building write off, is offered only for few properties. The plant and equipment allowance is for the movable elementsas identified by the ATO legislation. These are assets that tend to depreciate faster than the actual building that is being assessed. The actual depreciation you can claim depends on a number of factors like the age of the building, how it is used and how strong or fit it is for use.

Professionals Real Estate can help you with the process involved in claiming depreciation. Contact us on 07 3846 1800 today for more information regarding Depreciation Schedules and how they can help you.

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