Tax depreciation (also known as property depreciation) is a legitimate deduction against assessable taxable income, generated by a residential or commercial investment property.
It works by allowing property investors to deduct a portion of the original costs of plant and equipment (such as furniture and fittings) and capital works (such as renovations) on their investment property each financial year, over the effective life of that item.
Depreciation schedules and reports are produced by experienced consultants and/or qualified quantity surveyors who are recognised by the ATO legislation. The report identifies depreciable assets and provides a report on ATO acceptable depreciation expenses.
You can access this pre-purchase report and a range of others through the InfoTrack system.
