Property Depreciation Schedules - The New reality

Updating your Report

At Washington Brown, we are always happy to provide updates to your report – usually free of charge.

If your schedule has recently been completed, and you realise you forgot to provide certain information, such as an additional owner inclusion, post-contract variation, etc., let us know and we’ll amend your schedule to make sure it’s all included.

If later down the track, you purchase a new item or do a minor renovation, such as internal painting, you can certainly send it over to us to add into your report. However, if these few minor items will not drastically change the figures of the original report, it is often easier to just provide the costs to your accountant, and they can include them in your future tax returns.

If you’ve performed a major renovation, generally upwards of $10,000, it is best to have your schedule updated by the original Quantity Surveyor, rather than your accountant, to maximise the returns. The original Quantity Surveyor will often be able to scrap certain items and building components that were removed during the renovation, providing you with a large, immediate deductions. For these larger updates, an inspection may be required, and a fee will often apply.

Contact if you’d like to have your depreciation schedule or have any queries.

About Tyron Hyde

Tyron Hyde is a director of quantity surveying firm Washington Brown. He is regarded as one of the industry's leading experts in property tax depreciation, is regularly quoted in the media & asked to speak at conferences. -