Buying Property · Koste Knowledge Base

Do I need a depreciation schedule?

Published 25 June 2026 · Last updated 26 June 2026

Quick Answer

You may need a depreciation schedule if you own an income-producing property and want to claim eligible depreciation deductions correctly. It is especially useful for new properties, renovated properties, commercial buildings, apartments with common property and properties where construction costs are not known.

A depreciation schedule is a report that shows the depreciation deductions available for a property.

It helps your accountant claim eligible deductions for:

Division 40 plant and equipment
Division 43 capital works
New assets
Renovations
Commercial fit-out
Common property
Construction costs
40-year deduction forecasts

You may need a depreciation schedule if:

You bought an investment property
You own a new or near-new property
You own a renovated property
You own an apartment
You own a commercial property
You completed a fit-out
You replaced assets
You do not know the original construction cost
Your accountant has asked for one
You have never claimed depreciation before

Not every property will produce the same level of deductions. The age, use, ownership, construction date, renovation history and property type all matter.

Koste.ai helps investors check whether a depreciation schedule may be worthwhile before ordering a formal report.

Frequently Asked Questions

Is a depreciation schedule a legal requirement?

No, a depreciation schedule is not a legal requirement. However, a quantity surveyor report provides the supporting evidence needed to correctly identify and claim eligible deductions.

How much does a depreciation schedule typically cost?

The cost varies depending on the property type and location. A quantity surveyor can provide a fee quote. In most cases, the cost of the schedule is deductible in the year it is prepared.

Can my accountant prepare a depreciation schedule?

Accountants can assist with depreciation claims but are generally not qualified to estimate construction costs. A quantity surveyor is the recognised professional for this purpose under ATO guidelines.

How long does it take to get a depreciation schedule?

Turnaround times vary depending on the quantity surveyor and property complexity. Desktop assessments are typically faster than full inspection reports.

Can I get a depreciation schedule for a property I have owned for years?

Yes. A retrospective depreciation schedule can be prepared for properties owned for many years. Your accountant can advise whether an amended tax return may be worthwhile.

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Written by Koste Team · Koste Chartered Quantity Surveyors · AIQS Member · RICS Member · TPB Registered · 1300 669 400 · info@koste.ai