Tax Depreciation | 4 min read
When should you order a tax depreciation schedule?
The best time to order a depreciation schedule is usually before you need it. Waiting until tax deadlines can create avoidable pressure for you, your accountant and the report provider.
After settlement
Ordering soon after settlement helps you organise records while purchase details are still easy to access.
It also gives your accountant depreciation information before tax planning or return preparation begins.
Before tax time
Many investors leave depreciation until June or July. That can still work, but busy periods may affect turnaround times.
If you want a smoother process, request the report well before your accountant needs final figures.
After renovation or major works
Renovations, extensions, refurbishments and fitouts can affect available depreciation claims.
If the property has changed materially, ask whether your existing schedule should be reviewed or updated.
FAQs
Common questions
Can claims be backdated?
In some cases your accountant may be able to amend prior returns, but timing and eligibility should be confirmed with your tax adviser.
Should I wait until the property is tenanted?
You can ask for advice earlier, but the property generally needs to be income-producing or available for rent for depreciation claims to be relevant.