Review changes rather than replacing automatically
A schedule may remain useful across multiple years. The decision to update it should follow a relevant change or evidence gap, rather than the calendar alone.
Changes to tell your accountant about
Keep invoices and dates for renovations, additions, new assets and removed items. Explain private-use periods, ownership changes and any change in how the property earns income.
Check the original assumptions
Compare the report’s property details and assumptions with the actual facts. If an error is identified, ask the preparer how to correct it and discuss any earlier tax treatment with your accountant.
Avoid duplicate schedules and claims
Give the professional existing reports before commissioning work. A fresh report should not cause construction costs or assets already accounted for to be claimed again.
Choose the smallest useful scope
A factual correction, update for new assets and complete reassessment are different tasks. Ask which one addresses the problem and what it costs. Agree the deliverable and relevant years before proceeding.
Frequently asked questions
Do schedules expire annually?
Not simply because a year has passed. Facts and applicable treatment can still change.
Does renovating guarantee a larger claim?
No. The expenditure, dates, ownership and tax rules need assessment.
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.