Trusted Depreciation Schedule Services

Many property, plant and machinery owners fail to recognise the benefits of having a Depreciation Schedule.  Depreciation of an asset is essential to limiting the Tax payable at the end of any financial year.

GantPMV Depreciation ScheduleThe reduction in value (i.e. the depreciation) of the building envelope and contents can be claimed as a tax deduction by any owner of an income producing property, and this can significantly improve cash flow and investment yield. 

The reduction in value, due to the ageing/wear and tear (i.e. the depreciation), of the main dwelling, fixtures and fittings, contents can be claimed as a tax deduction by any owner of an income producing property, and this can significantly improve cash flow and investment yield.

The obvious benefit of claiming depreciation on your investment property is that you are reducing your taxable income and therefore pay less in tax to the ATO, including any negative gearing that may be available.

The same benefit can be applied to Business Owners that have Office Fitouts, Plant, Machinery and Equipment that contribute to the income of the business.

Depreciation can extend to industrial and commercial buildings, supermarkets and shopping malls and leasehold businesses.

Depreciation Schedule Definitions (with reference to the API)

Straight Line or Prime Cost Depreciation: is calculated by taking the purchase or acquisition price of an asset subtracted by the salvage value divided by the total product years the asset can be reasonably expected to benefit the company.

Diminishing Value Depreciation: involves multiplying the asset’s carrying amount by the depreciation rate to calculate the depreciation that can be claimed that year. The carrying amount is the value of the asset after any depreciation to date has been deducted from the original cost. Depreciation is calculated on a prorate basis. If an asset is purchased part way through the year, it is depreciated for only the portion of the year for which it was owned.

Contact GANTPMV about your Depreciation Schedule

We provide expert valuation reports in the following classes of assets.

  • 1. Residential

    Detached dwelling, attached units, multi-unit dwellings and unit complexes.

  • 2. Industrial

    Standalone sheds, Strata Titled tilt slab workshop with offices, heavy machinery storage yards with workshops.

  • 3. Commercial

    Internal fit out, any financial responsibility to the building envelope can all be depreciated to reduce tax payable.

  • 4. Shopping Centres and Supermarkets

    A highly specific process is required for the depreciation of a shopping centre/supermarket’s fit out. Each section (ie: the Deli, Bakery, Butcher, Grocery Isles, Front Entry and Rear Dock etc) all depreciate at separate rates. These rates are then collated to provide an overall summary of the amount that can be claimed at the end of the financial year.

  • 5. Agricultural Operations

    Farming infrastructure including sheds, fencing, water resources, staff quarters and other infrastructure that contribute to the agricultural operation can be claimed.

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