Tax Depreciation Schedules
A Tax Depreciation Schedule (also known as a Depreciation Report or Capital Allowance Schedule) is a report used by a property investor that outlines the depreciation deductions that can be claimed on the eligible assets within an income-producing property for tax purposes.
Depreciation refers to the gradual decrease in the value of assets over time due to wear and tear. This reduction in value can be claimed as a tax deduction, reducing the taxable income and therefore the tax liability of the property owner or business.
Contact Quanto to find out how you can be utilising Tax Depreciation on your investment property to save thousands per year at tax time. Based in Newcastle NSW, Quanto can prepare Tax Depreciation Schedules for most areas of Australia.
Depreciation for Older Properties
In our experience, most buildings built pre-1987 have had some improvements, whether it’s a new kitchen, bathroom or full renovation. We are experts at identifying and costing these renovations which are then included in your Tax Depreciation Schedule.
Contact Quanto today for a free opinion on whether your property is too old to have a Tax Depreciation Schedule prepared. We will not advise you to go ahead with a report that will be of no benefit to you.
Commercial Depreciation
There are many different categories for commercial depreciation.
These include:
- Industrial Warehouses
- Retail shops
- Offices
- Fuel Retailing
- Restaurants and Hotels
- Accommodation
- Farming
- Education and Health
Within a commercial property, the plant & equipment and type of construction can vary considerably depending on the industry category. Each year the ATO publish an updated, detailed list of assets (and their corresponding effective lives) that qualify as plant & equipment. This is a very detailed list that contains thousands of assets from every industry category. We review this every year to monitor any changes that may affect the commercial property owner.
Unsure about commercial property depreciation? Contact Quanto today to find out why it’s essential to have a Quantity Surveyor experienced in assessing different categories of buildings from every industry to prepare your Commercial Tax Depreciation Schedule.