Tax Depreciation is a way to spread out the costs of things you own for your business or rental property, like buildings, furniture, or equipment, over time. Instead of deducting the full cost of an item in the year you buy it, you write off part of its value every year as it “wears out” or loses value.

A Tax Depreciation Schedule is a detailed report that shows how much you can claim in depreciation for your property each year. Owning a tax depreciation schedule is a smart way to maximize your investment property’s profitability.

Here are the Top 8 Benefits of Owning a Tax Depreciation Schedule:

1. Maximized Tax Deductions: It ensures you claim every eligible depreciation deduction, including overlooked items like fixtures and fittings.

2. Reduced Taxable Income: Meaning you pay less tax! By claiming depreciation and your taxable income decreases.

3. Cost Effective: The cost of preparing a tax depreciation report is fully tax deductible!

4. Improved Cash Flow: You can keep more money in your pocket through tax savings and helps improve your overall cash flow.

5. One - Time Investment: It is a one -time purchase that remains valid for your property’s lifetime, with free updates as needed.

6. Custom to Your Property: A schedule is tailored specifically to your property, considering its unique assets, construction type and age.

7. Covers New and Old Properties: Both brand new and old properties can benefit, as even pre-owned properties may have depreciable assets.

8. Professional Accuracy: Prepared by a qualified quantity surveyor who is also a registered Tax Agent with the Tax Practitioners Board.