A Tax Depreciation Schedule report is a specialized report prepared by qualified professionals which shows the amount of depreciation able to be claimed in the property over the life of the building. The report will identify depreciation made each year, from the date of purchase, the total tax depreciation claim available to the property backer.
Depreciation schedulesshould include two main components:
- Depreciation schedule for Fixtures and Fittings (Assets decline) all properties are eligible for depreciation of fixtures and fittings due to declining value of these assets, regardless of the age of the building.
- Depreciation Schedule for Construction Costs (Capital Works deduction)
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