Tax Depreciation Schedule – Brisbane and Sunshine Coast

What is a tax depreciation schedule?

A tax depreciation schedule or report is a report which schedules out the value of all the items within your investment property.

The ATO allows investment property owners to claim for the wear and tear on these items each financial year which can create significant reductions to your income tax payable.

Do you need a tax depreciation report?

Why do I need a Quantity Surveyor?

The ATO has assigned each and every depreciable item in your investment property a life. For example, an oven has a life of 12 years. So a brand new oven can be depreciated every year for 12 years. What they can’t say is what the item is worth – this is where we come in.

The ATO has authorised quantity surveyors to inspect & assess each item and to give them a value. As there is possibility of over-valuing items, the ATO decided QS’s had to be registered tax agents with the Tax Practitioners Board (TPB). In doing so, all TPB-registered QS’s are bound by TPB and ATO legislation, and must not provide false or misleading information on the depreciation schedule.

We are legally responsible for the information provided and therefore are diligent in providing accurate information.

How does Tax Depreciation work?

Depreciable items are broken into two categories; Capital Items, and Plant and Equipment.

Capital Items are ‘fixed’ items which include:

  • The building and other structures on the lot
  • Fencing
  • Paving, and much more

These items are generally depreciable at 2.5% p.a. for the life of the item (40 years).

Plant and equipment are ‘loose’ items, including:

  • Kitchen appliances
  • Floor coverings
  • Window dressing, etc.

Each item has a life as set out by the ATO and fall into one of three categories:

  1. Items less than $300 in value and claimable at 100%
  2. Items $300-$999 and claimable at 37.5%
  3. Items greater than $1,000 and claimable at a specific percentage each year.


 Why choose WRC QS?

WRC QS is an Australian-owned & operated family business. We do not come under the umbrella of a larger multinational company.

A focus on client satisfaction is key to having such a great reputation in the industry. WRC QS is preferred by many Accountants due to our professionalism, value for money, report quality & accuracy and easy to follow reporting methods. We keep everything in-house and don’t outsource any work to sub-contractors.

The quantity surveyor you speak to when you call us or via email will be the person inspecting your property and preparing the report. It’s this kind of service that allows us to provide the most accurate and complete report and to ensure client satisfaction.

The experience we have with tax depreciation schedules in Brisbane, the Sunshine Coast, Cairns, and all down the east coast of Australia from Tweed Heads to Sydney gives us the in-depth knowledge to minimise your investment property tax.

Please feel free to read some of our testimonials by our satisfied clients.

Contact us today

To speak to one of our highly qualified representatives, call us on 0422 401 509, complete our online form, or send us an email. Whether you’re in Brisbane, Sunshine Coast, Cairns or anywhere Between Tweed Heads and Sydney, we can help.