Tax Depreciation Schedules
Herron Todd White provides Tax Depreciation Schedules expertise across Australia.
Tax Depreciation Schedules
Herron Todd White provides independent Tax Depreciation Schedules backed by local expertise and national consistency.
Frequently Asked Questions
- Is my property too old to claim depreciation?
Not necessarily. For residential properties where construction started before 16 September 1987, you generally can't claim capital works deductions on the original building. But renovations completed after that date, and new assets you've installed, may still be claimable.
- Can I claim depreciation on a second-hand property I bought after 2017?
Yes, in most cases. You can still claim capital works deductions on the building. Since 9 May 2017, however, you generally can't claim plant and equipment that was already in a second-hand residential property. New assets you install yourself are still claimable, and some exceptions apply, such as for owners carrying on a business of letting rental properties.
- Do you need to inspect the property?
Not always. If we've recently valued your property, we can usually prepare your depreciation schedule from the information gathered during that valuation, without another visit. Otherwise, an inspection lets us identify every eligible asset, measure the property, and record improvements that may not show up in online records, such as new plumbing or wiring.
- Can my accountant prepare the schedule instead?
Not usually. When a building's construction cost isn't known, the ATO recognises quantity surveyors as qualified to estimate it. Your accountant will generally use a quantity surveyor's schedule to prepare your return.
- How long does a depreciation schedule last?
Our schedules set out your deductions for up to 40 years. You'll usually only need one, unless you renovate or add new assets.
- Can I claim deductions I've missed in previous years?
Often, yes. Missed deductions from previous years may be claimable by amending your earlier tax returns, generally for up to two years. Talk to your accountant about which years can be amended.