Tax Depreciation | 4 min read
What records do you need to update a tax depreciation schedule?
If your investment property has changed, the fastest way to get a useful depreciation review is to collect the right records before your accountant needs the figures.
Start with the existing schedule
Send the previous depreciation schedule first. It helps identify what was already included, what may have changed and whether the report can be updated.
Also provide the property address, purchase date, ownership details, rental availability date and any accountant instructions.
If the old report is missing or unclear, BWK Group can still review the property details and advise the best next step.
Gather renovation and asset records
Useful records include builder invoices, trade invoices, appliance receipts, installation dates, plans, photos, insurance repair scopes and strata notices for common property works.
For new assets, note what was purchased, when it was installed and whether it replaced something already in the property.
For renovations, separate major building works from individual appliances or fixtures where possible.
Do not wait for perfect records
Many investors delay because they cannot find every invoice. That can create tax-time pressure.
A quantity surveyor can often start with the available information and then identify what else is genuinely needed.
The practical aim is to make the report useful for your accountant, not to create unnecessary paperwork.
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
Can I update a schedule if I lost some invoices?
Possibly. Available records, photos, dates and property information may still allow a quantity surveyor to review the situation and identify what can be supported.
Do I need photos for a depreciation update?
Photos are useful, especially for renovations, removed assets, external works and property condition. They are not always the only evidence needed.