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What is a Depreciation Report for Investment property?

A depreciation report for an investment property, also known as a tax depreciation schedule, is a comprehensive document that outlines the depreciation allowances a property investor is entitled to claim for the wear and tear of their property and its fixtures over time. It typically includes a forecast, often for up to 40 years, of all depreciable assets, the depreciation methods applicable (prime cost or diminishing value), and the calculated depreciation deductions. This report is used to maximise tax deductions related to the property’s decline in value each financial year and must comply with the Australian Taxation Office (ATO) regulations.