Building Depreciation Schedule Calculator - Finance & Tax Calculators
The building depreciation schedule calculator provides you and your clients with a snapshot of the amount of depreciation you can claim as an investor on their investment property according to ATO guidelines.
As a general rule, your clients can claim a deduction for the cost of constructing a residential rental property over 40 years from the date the construction was completed. Deductions for capital works have been introduced over time. Due to this, the date from which you can claim a deduction will depend on the type of construction.
The construction cost must take the form of either of the following:
- precise evidence of the construction costs such as receipts
- a report written by an appropriately qualified person.
To use the Building Depreciation Schedule Calculator simply enter the following and the calculator will do the rest:
- Date the property was purchase
- End of Financial year the property was purchased
- Value of the building
- and finally whether the building was purchased pre or post 1987.
Note: This calculator provides you with an indication of the amount of depreciation that your clients can claim.
Below you will find some important information regarding Building Depreciation according to the Australian Tax Office:
As a general rule, you can claim a deduction for the cost of constructing a residential rental property over 40 years from the date the construction was completed. However, to be sure you get your claim right, you must have all of the following:
- the date construction commenced
- details of the type of construction
- the date construction was completed
- details of who carried out the construction work
- the construction cost (not the purchase price)
- details of the period during the year that the property was used for income producing purposes.
- What do you need to know to work out your claim?
The date construction commenced
To work out the rate at which your clients can claim a deduction and the period over which your clients can claim it, they must have all of the following details:
- when the construction commenced
- the type of construction
- when the construction was completed.
Date construction commenced
Period (years) over which you can claim a deduction
Rate of deduction per income year
|Before 22 August 1979||n/a||nil|
|22 August 1979 to 21 August 1984||40 years||2.5%|
|22 August 1984 to 15 September 1987||25 years||4%|
|After 15 September 1987||40 years||2.5%|
Where your clients built short-term accommodation for travelers (for example, a hotel or serviced apartments) and that construction commenced after 26 February 1992, the:
- period over which they can claim a deduction is 25 years
- rate at which they can claim the deduction is 4%.
Our Building Depreciation Schedule Calculator is serviced regularly ensuring that you provide your clients with up to date information. You need not do anything else after our link is placed on your Website as all changes are automatic.
The Building Depreciation Schedule Calculator is offered at an averaged affordable price of $11.00 per month. Or you can package and add this calculator to the Specials offered within our website!
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- Option 1: 6 monthly Payments
- Option 2: yearly Payments
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The information provided to you in the Building Depreciation Schedule Calculator does not constitute “personal advice” for any purpose. The Building Depreciation Schedule Calculator is provided to you as an information service only and it should not be relied upon as a substitute for financial, home loan or other professional advice. The information does not take the investment objectives, financial situation and particular needs of any particular person into account. It is not to be construed as financial advice or a recommendation of any financial products, including home loans. Before making an investment or home loan decision on the basis of the information provided by the Building Depreciation Schedule Calculator, you need to consider whether the information is appropriate in light of your particular investment or home loan needs. The Building Depreciation Schedule Calculator has been developed by AFC Online. AFC Online is responsible for maintaining and updating the Building Depreciation Schedule Calculator. For any further enquiries you can contact us directly and one of our customer care consultants will be more than happy to assist you.