The Depreciation Schedule Process
Working with you to maximise your entitlements
Step 1 - Coordinating the Report Information
You'll receive a request for the information we need from you to complete the report. The basic information includes the legal name for the report to be made out to, whether you have made any additions to the property, the date you moved out if you occupied the property, your settlement date and any other information you may know about the property.
Step 2 - Organising the Property Inspection
Once we have all your information, we'll contact the nominated access person to arrange a convenient time for the inspection. We'll explain what we need to do on site and are happy to inspect before or after hours to minimise the impact on the tenant. Once we've booked the inspection we'll let you know.
Step 3 - Conducting the Site Inspection
One of our qualified Quantity Surveyors will undertake a thorough inspection identifying all assets and improvements. We take photographic evidence of the building, improvements and any renovations as well as the plant and equipment items. We also take notes regarding the plant items and measurements of the property. From here we'll complete the report within 7-10 working days.
Step 4 - Completing the Depreciation Schedule
We'll take the information we've sourced from our research and the property details and specifications from the inspection and complete the report ensuring that all items that qualify for a 100% deduction are itemised as well as low cost & low value pooling assets. It's our job to maximise your depreciation deductions and you can rest assured that we're experts at maximising deductions!
Step 5 - Issuing the Report & Follow-up
Once completed, the report will be issued to you as a PDF showing the depreciation deductions each financial year for 40 years. If you're provided your accountants details, we'll also send a copy of the report directly to them. This ensures they have a copy ready to go when it comes time to preparing your tax return. We'll answer any questions from your accountant about the report. We're also more than happy to answer any questions you might have and walk you through the deductions. Knowledge is power!