Property facts and reporting scope
A useful schedule identifies the property, relevant ownership information, dates and the work the preparer was engaged to undertake. Check that it matches your instructions rather than assuming a generic report covers every need.
Construction and asset information
Look for a clear distinction between assessed capital works and depreciating assets. The report should explain the records or estimates used and make significant exclusions understandable.
Annual calculations and assumptions
Check the reporting years, calculation approach and assumptions about use. Your accountant may need to adjust the treatment for ownership shares, private use, prior claims or changes after the preparation date.
Evidence and professional details
Ask how the preparer supports unknown construction costs, records any inspection and identifies the responsible professional. Confirm qualifications and registrations relevant to the service, rather than relying on an “ATO approved” marketing label.
Questions to ask before paying
Does the fee include an inspection? How are historical years handled? Are existing schedules reviewed? What happens if property facts need correcting? Confirm these points in the written scope.
Frequently asked questions
Does every listed item produce a deduction?
No. Listing an asset does not establish that a deduction is available to that owner.
Does the schedule cover CGT market value?
A depreciation schedule is not a CGT market valuation. Your accountant should specify any separate valuation needed.
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.