A detailed BMT Capital Allowance and Tax Depreciation Schedule includes the following components:
- A method statement
- Schedule of diminishing value method of depreciation
- Schedule of prime cost method of depreciation
- Schedule of pooled items for the property
- Lists all division 43 capital deductions available from the property
- Detailed forty year forecast table illustrating all depreciable items together with building write off for both prime cost and diminishing value methods
- Comparative table of the two methods of depreciation
- Common property items within strata or community title complexes such as lifts and swimming pools are included in the depreciation schedule for a single dwelling in a multi-dwelling development where legislation allows
- The schedule is structured to ensure you can amend the previous two years' returns to re-coup unclaimed depreciation benefits
- The schedule is pro-rata calculated for the first year of ownership based on the settlement date so that the depreciation deductions are maximised for each year.
The depreciation schedule will ensure maximum depreciable items are identified and will take into account the pooling of low-value items under the uniform capital allowance system. It is valid for the life of the property (forty years), until capital improvements are undertaken.
- Q1 How does a tax depreciation schedule benefit me?
- Q2 Do I need a new schedule each year?
- Q3 Can I claim previous renovations?
- Q4 I need another copy of my schedule – can you provide this?
- Q5 Doesn’t my Accountant already take care of this for me?
- Q6 How to use a BMT Capital Allowance and Tax Depreciation Schedule
- Q7 What information do I need to provide?
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