What is the Scrapping Schedule and When Do I Use It?

Quick Answer

A scrapping schedule is used to claim deductions for the remaining un-depreciated value of assets removed during renovations or demolitions. Under **Division 40 of ITAA 1997**, investors can write off the remaining book value of these assets. It is crucial when renovating to capture potential tax savings. Consult with a Chartered Quantity Surveyor to maximise your benefits.