What is a property depreciation report?
A property depreciation report, also called a tax depreciation schedule, documents assessed building costs and assets for an income-producing property. It gives your accountant information to assess depreciation deductions. It is different from a market valuation, which estimates what the property is worth at a particular date.
Starting price and your written quote
Depreciation reports from $625 inc GST. The starting price is not a fixed fee for every assignment. Your quote sets out the property, schedule coverage, ownership and renovation information for your report.
- Total fee: the agreed amount including GST, with any inspection, travel or extra work identified.
- Deliverable: the property and report scope, including any limits or exclusions.
- Timing: expected delivery and the records or inspection access needed first.
Review and agree the scope and fee before work proceeds. The enquiry form does not take payment.
Request a depreciation estimate before payment
Send the owner’s full names, property address, purchase price and settlement date. Tell us whether you have lived in the property and, if so, the estimated rental start date. List each renovation with its completion month and cost.
Example of how to list a renovation: July 2022 — kitchen — $12,000. Add separate entries for other work, or select “No renovations” or “Not sure”. This is an example of the information to provide, not a client result.
Propti will review this information for an indicative estimate of potential depreciation deductions before payment. It is not a completed depreciation schedule or a guaranteed tax refund. Request your depreciation estimate.
What should your tax depreciation schedule include?
Confirm the inclusions with the quantity surveyor before ordering. The scope should explain the property assessed, the evidence used and the assumptions that affect the schedule.
| Report detail | What to confirm |
|---|---|
| Building and capital works | How construction and renovation costs are assessed, including the information available from previous owners. |
| Plant and equipment | Which assets are assessed and how their age, purchase history and use affect the report. |
| Annual schedules | The period covered, calculation methods, first-year treatment and information your accountant needs. |
| Ownership and shared areas | How joint ownership, strata common property or other shared interests are addressed where relevant. |
| Evidence and assumptions | Whether an inspection is needed, which records support the assessment and any limitations. |
Residential and commercial property
For a residential investment property, provide the purchase date, rental history, construction information and details of renovations and assets. For commercial property, also identify the ownership of fit-out and any tenant improvements. These details help establish the assignment; the same assumptions should not be applied to every property.
When should you arrange or review a schedule?
Discuss a schedule with your accountant when buying an investment property, making it available for rent, completing renovations or reviewing existing records. An existing schedule may need attention after changes to the building, assets, ownership or use. Keep the previous report and records of the changes so the quantity surveyor can advise whether an update or a new assignment is needed.
How to order through Propti
- Send the property details. Provide the address, property type, ownership details and your accountant’s requirements.
- Confirm the scope and quote. We help coordinate the enquiry with a quantity surveyor. Confirm inclusions, inspection requirements, fees and expected delivery before proceeding.
- Provide supporting records. Share available construction documents, renovation costs, purchase and rental dates, and any previous schedule.
- Review the report with your accountant. Your tax adviser assesses the applicable treatment and any further information needed.
How much does a depreciation report cost?
Depreciation reports start from $625 inc GST. We can provide an estimate of your potential depreciation deductions before you pay for the report. Your total fee depends on the property and scope; confirm the inclusions, inspection requirements, expected timing and any additional charges in your quote. If you already have a schedule, ask whether it can be updated before commissioning another report.
Already have a schedule? Send a change list
Provide the existing report alongside a dated list of renovations, replacement assets and changes to ownership or property use. This helps the quantity surveyor assess whether an update is appropriate and gives the accountant the context for reviewing the figures.
Hypothetical preparation example: an owner replaces an air conditioner after receiving a schedule. Keep the invoice, installation date and details of the item removed with the original report. Ask the provider how to update the records; do not assume the old schedule already includes the replacement.
Frequently asked questions
Can I get an estimate before paying for a depreciation report?
Yes. Propti can provide an estimate of your potential depreciation deductions before payment. It is indicative, not a guaranteed deduction or tax refund. Your final schedule and tax circumstances determine the deductions available.
Who prepares the depreciation schedule?
The quantity surveyor prepares the agreed depreciation schedule. Propti coordinates the enquiry, property information and quote. Your accountant assesses the tax treatment for your circumstances. Confirm the report author’s qualifications, inspection requirements and schedule inclusions before proceeding.
How long does a depreciation report take?
Timing depends on the property, available construction and asset records, inspection needs and quantity surveyor availability. Provide your accountant’s deadline and confirm delivery after the required records and any inspection can be completed.
Is a depreciation report the same as a tax depreciation schedule?
These terms commonly describe the same type of property reporting assignment. Confirm the actual inclusions and period covered with the provider, rather than relying on the document’s name alone.
Can an older property have depreciation deductions?
Age alone does not establish eligibility. Construction history, renovations, assets, ownership and use all matter. Ask your accountant and quantity surveyor to assess the property before assuming a claim is available.
Does every property need an inspection?
The quantity surveyor determines what evidence and inspection are needed for the assignment. Provide available plans, construction records and any existing schedule when requesting a quote.
Can a report guarantee a tax saving?
No. A report provides assessed costs and asset information. Available deductions depend on your circumstances and the applicable rules, which your accountant needs to assess.
What if I own the property with someone else?
Provide the ownership details and interests when requesting the report. Ask the quantity surveyor how the schedule will present that information and confirm your accountant’s requirements.
Do I need a new report after renovating?
Ask the report author to review the changes. Supply the existing schedule and renovation records so they can advise whether an update or a new report is appropriate.
Is a depreciation schedule a property valuation?
No. A valuation assesses market value at a specified date. A depreciation schedule deals with property costs and assets for tax reporting. See property valuations if market value is what you need.
Related reporting services
Explore quantity surveyor reports for other building-cost assignments. For historical market value, see retrospective valuations and CGT-purpose valuations. For construction budgets, see construction cost reports.
What to look for in your depreciation schedule
This is a guide to reading a report. The agreed assignment determines its actual contents.
| Section | What it explains |
|---|---|
| Property and ownership | The property, ownership interests and relevant dates used in preparing the schedule. |
| Building and assets | The assessed construction expenditure, eligible assets and supporting assumptions. |
| Schedule for your accountant | The calculations and timing information your accountant uses to assess applicable deductions. |