Depreciation schedule
A report from a quantity surveyor that lists the deductions you can claim for the decline in value of a building and its fittings.
- Prepared by a qualified quantity surveyor
- Covers capital works and eligible plant and equipment
- Generally more valuable for newer properties
How it works
Capital works deductions, usually 2.5% a year for eligible residential buildings, cover the structure. Plant and equipment covers items such as appliances and carpets, though deductions for second-hand items in residential property are limited.
Why newer properties benefit
New builds have higher construction costs to depreciate and no restrictions on new plant and equipment, so deductions are generally larger.
Order a depreciation schedule soon after settlement. The fee is usually deductible.
Common questions
Can I claim depreciation on an older property?
Often for capital works if built after September 1987, and for any renovations.
Who prepares a depreciation schedule?
A quantity surveyor registered as a tax agent.
Related terms
Sources
General information only. It does not consider your objectives, financial situation or needs, and is not financial, credit, tax or legal advice. Rules change, so check current law and get advice from a licensed professional before acting.