What is Depreciation
According to the tax office, under income tax law, you are allowed to claim deductions for expenses incurred in earning assessable income, eg. rent. The cost associated with the acquisition of capital assets, which provide benefit over their 'effective life' may be written off over a period of time as tax deductions and this is essentially known as depreciation.
To ensure you are claiming all the associated expenses related to depreciation of your rental property you may require a tax depreciation schedule.
What is a Tax Depreciation Schedule?
A Tax Depreciation Schedule is a professionally produced document highlighting items of plant, equipment and capital costs that may be depreciated. It incorporates the value of each depreciable item, including delivery costs, installation costs and the cost associated with bringing the plant into full operation.
For more information on tax depreciation schedules, please visit;
Depreciator www.depreciator.com.au here you can download a free e-book.
BMT & Assoc Quantity Surveyors www.bmtqs.com.au