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.