Tax Depreciation | 4 min read
EOFY depreciation review checklist for property investors
EOFY is a useful time to check whether your depreciation schedule still reflects the property your accountant is preparing a return for.
Check whether the property changed this year
List any renovations, extensions, repairs, insurance works, new assets, replacements or strata common property upgrades completed during the financial year.
Also note whether the property changed from private use to rental use, changed ownership structure or had a period where it was unavailable for rent.
These details can affect whether your existing depreciation schedule is still current.
Prepare records before your accountant asks
Collect invoices, receipts, photos, settlement documents, rental availability dates, insurance repair scopes and previous depreciation schedules.
If the works were substantial, ask for a depreciation review before your accountant finalises the return.
This reduces the risk of rushed decisions or missed information.
Use EOFY to decide the next action
You may need no change, a simple accountant note, a schedule update, or a new tax depreciation report.
The right answer depends on the existing schedule quality and the nature of the property changes.
A short review can help you avoid either over-ordering or relying on an outdated report.
Next step
Want to see what a professional report includes?
If you are not ready to request a quote, request sample report formats first. You can review the structure, assumptions and level of detail before deciding which report is right.
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FAQs
Common questions
Should I update my depreciation schedule before EOFY?
Consider it if the property changed during the year through renovation, new assets, repairs, insurance works or rental-use changes.
What should I send my accountant before 30 June?
Send the current schedule, invoices, receipts, renovation details, rental dates and any advice from your quantity surveyor.