What is the concept behind Property Depreciation?
This applies to building structures, plant and equipment and structural improvements, helping offset costs over time.
I’ve owned my property for several years but have never claimed depreciation. Can I still do so?
Yes, depreciation calculations begin from your settlement date and you can make adjustments for up to four years retrospectively. This means you may be able to claim up to four years of depreciation in the current financial year.
Can I claim a depreciation deduction for previous years?
A Tax Depreciation Schedule for Investment Property can be created to help individuals recover unclaimed depreciation benefits for up to four years.
What information is required to prepare a Tax Depreciation Schedule?
To generate a Property Tax Depreciation Schedule, we need specific details about your property, including the settlement date and purchase price, as well as any improvements or additions made, along with their dates and costs if available. Additionally, we require the date the property was [...]
What does the process of preparing a Tax Depreciation Schedule involve?
To create a comprehensive Tax Depreciation Schedule Report, a thorough site inspection of your property is conducted to identify all depreciable assets. Following this, our Quantity Surveyor compiles a detailed schedule outlining the maximum depreciation allowances for the building, structural improvements, and plant & equipment. [...]
