As a building gets older and wears out, it depreciates in value. The Australian Taxation Office (ATO) allows owners of income producing property to claim this depreciation as a decline in value tax deduction.
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What is a Tax Depreciation schedule?
A tax depreciation schedule is required to maximise the depreciation claims available and to substantiate these claims in a tax return. It’s what will help your bottom line come tax time. Leading Building Inspections work with partnered quantity surveyors for reporting and help you claim on the building’s structure and items considered permanently fixed to the property. Depreciation can be claimed on the plant and equipment assets contained within it such as furniture, fittings and electrical appliances. When choosing Leading Building & Pest Inspections, you are getting the knowledge of a building inspector partnered with a quantity surveyor, so you know you’re in good hands.