If you would like your investment property to be more profitable and you want to maximise your tax return – you’ll need a tax depreciation schedule.
The wear and tear on your investment property lowers the value of the building itself, as well as various fittings and fixtures, allowing you to reduce your taxable income. In order to benefit, you need our team, in partnership with SJB Quantity Surveyors (tax agent number 16347000), to complete a depreciation schedule for you first.
What is a depreciation schedule?
It’s a document that includes details of your building and forecasts how certain parts such as fixtures, fittings and common areas will reduce in value over time. It essentially outlines the exact amount of tax deductions for depreciation that you’re entitled to claim on your rental property investment. Your accountant will use the depreciation schedule to make a claim with the Australian Taxation Office on your behalf.
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Want to learn more?
Depreciation Schedules are broken down into three main categories: Capital Works, Plant and Equipment and Capital Improvements. Click here to learn more about what they mean for you.