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ACT – Depreciation Schedules

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  • ACT – Depreciation Schedules

Owning property is one of the most significant investments we make in our lives, and it is imperative that we make the most of the investments we make. One of the things you can do as a property owner is to know how much you can claim back on tax for your investment property each financial year.

Our depreciation schedule will give you all you need to hand to your Accountant so you can claim maximum depreciation for up to 40 years.

What will you get from our reports?

Capital works deduction:
Also known as building write-off, this refers to the tax deduction available for the structural elements of a building including fixed non-removable assets such as the foundation, walls and roof, doors, windows, sinks and tiles. In a residential property built after the 15th September 1987, capital works deductions are available to be claimed at 2.5% for 40 years. For commercial and other types of non-residential properties, the capital works deductions vary based on the property type.

Plant and equipment:
Plant and equipment assets are considered to be easily removable or mechanical in nature. Plant and equipment assets are identified through ATO legislation as assets which have a limited effective life and can reasonably be expected to decline in value or depreciate over the time they’re used. Plant and equipment depreciation rates are calculated based on their effective life which is set by the tax commissioner and updated regularly through tax rulings.

 
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