Tax Depreciation Schedules
What is a Tax Depreciation Schedule?
A Tax Depreciation Schedule is simply a list of all the Items within a Building, including the Building itself, that the Government lets you claim a Tax deduction on.
Although it sounds complicated, a Tax Depreciation Schedule just informs readers and (especially Accountants and the Tax Office) how much depreciation can be claimed on a property, over a period of up to 40 years.
Depreciation is essentially a reimbursement for wear and tear that the building (and certain items within it) has acquired over the years of their use (life cycle).
There are two main areas of depreciation allowance that you can claim. Firstly, the Building Structure which is called a Capital Works or Building write-off. These are costs relating to the structure of the building. The second area you can claim depreciation on is for Plant and Equipment, which includes things such as Carpets, Air Conditioners, Dishwashers, Blinds, etc …
Knowing what you can and can’t claim in a Tax Depreciation Schedule is a job for a specialist.
The Australian Tax Office recognises Quantity Surveyors, as the properly qualified people to do Tax Depreciation Schedules.
Quantity Surveyors must also be registered Tax Agents under the Tax Agents Services Act to prepare acceptable Tax Depreciation Schedules.
To get an appropriate Quantity Surveyor to assist you, just give us some details about the type of Building you require a Tax Depreciation Schedule for and we will find suitably qualified and registered Quantity Surveyors for you.
Just fill in your details in the box, on the top right hand side of your screen now.
It can save you lots of money.