From evidence to a schedule
The property owner provides records and facts. The preparer assesses the agreed construction and asset information, explaining material estimates and limitations. The report should make its scope clear.
From a schedule to a tax return
Your accountant checks the relevant amounts against ownership, use, prior claims and the rules for the income year. Do not assume every figure in an annual table can be copied into the return without review.
Keep records of changes
Renovations, replaced assets and private-use periods can affect the treatment. Keep invoices, photographs and dates with the original schedule so the accountant can assess changes accurately.
Historical claims need separate attention
If earlier deductions may have been missed, ask your accountant to check the amendment rules first. Preparing a historical schedule does not automatically reopen older returns.
Keep market value questions separate
A CGT event may require a market valuation at a specified date. That is a different assignment from assessing construction and asset information for depreciation. Confirm both needs before requesting a quote.
Frequently asked questions
Does Propti lodge the tax return?
This service enquiry concerns arranging property reports. Your appointed tax adviser handles the tax treatment and lodgement.
Can the report promise maximum deductions?
It should provide supportable information for the assignment, not promise an outcome regardless of eligibility.
Sources and further reading
- ATO: Work out your capital works deductions — Eligible construction expenditure and applicable deduction rules.
- ATO: Second-hand depreciating assets — Restrictions relevant to previously used residential rental assets.
Arrange the right report
Explore tax depreciation with Propti. Send the property address, purpose, required date and recipient’s instructions when you request a property report quote.