A property depreciation report (also called a depreciation schedule) sets out all tax depreciation and building write-off claims for a property.
A property depreciation tax report provides a 40-year schedule for capital works allowance (building, dwellings, write-off) and depreciable assets (plant and equipment allowance) on the property, ensuring owners receive the maximum tax entitlements.
Based on your allowances, the report calculates the amount you can deduct each year as part of your tax return.
A depreciation schedule is in the report that lists the depreciable assets related to the property. It tells you or your accountant what tax to claim when putting in your tax return to ensure you claim the correct amount of tax back. A depreciation schedule should be prepared by qualified quantity surveyors.