What is a Rental Property Tax Depreciation Schedule?
Depreciation can be one of the largest tax deductions that you can claim each year for your rental property.
A depreciation schedule is a document prepared by a specialist quantity surveyor. This schedule outlines the amount of depreciation available year by year throughout the lifetime of the property, for up to 40 years! Your tax agent will then refer to the schedule when creating your tax return each year, making sure you receive the tax deduction allocated for that years depreciation.
The schedule will cost approx. $400 – $600 but is well worth it compared to the tax deductions you will benefit from. For more details speak to your tax specialist or contact the ATO.