That’s absolutely correct; the tax depreciation schedule done for that property will last for its life time. Though, if you’ve done renovations to your property you’re going to need an updated schedule to show those costs and any new depreciation claims.

For example; If you’ve replaced something like a Hot Water system, you can do what’s called “Scrapping”, where you can claim the total residual value of the Hot Water system (the cost of the Hot Water system less any depreciation already claimed). You can then begin to claim the depreciation costs of the new system.

If it’s only one item, your Accountant should be able to update your schedule for you. Depending on your schedule, for one item we’ll update your schedule for free. If it’s more than one item and you want the changes shown all in the one report, we’ll be able to update your schedule for a small fee.

Hope this helps, and you were able to put your savings to good use. If there is anything else you need help with, please let us know.

Have a great day.