Depreciation Schedule
Tax & Deductions
A report prepared by a quantity surveyor that lists all claimable depreciation deductions for a property.
Full Explanation
A depreciation schedule breaks down the property into its capital works component (the building structure) and plant and equipment items (removable fixtures and fittings). It provides year-by-year deduction amounts typically covering 40 years. The schedule is prepared once and updated only if significant renovations occur.
Example
Your quantity surveyor provides a schedule showing $9,200 in first-year deductions: $6,000 capital works and $3,200 plant and equipment.
Frequently Asked Questions
How much does a depreciation schedule cost?
Typically between $600 and $800 for a residential property. The fee is tax-deductible in the year you pay it.
Can I prepare my own depreciation schedule?
No. The ATO requires depreciation schedules to be prepared by a suitably qualified professional, typically a registered quantity surveyor, to support your claims.