What Can Be Depreciated? | Depreciation Schedule ATO

Do you know what can be depreciated?


Buildings can be written-off and the Assets (fixtures and fittings) in them can be depreciated. Buildings are written off slowly, and Assets more quickly. The main confusion lies between what is considered part of the building, and what is an Asset. When the ATO look at a Depreciation Schedule in an audit, the first thing they look at is the list of Assets. They can spot a dud Schedule in about 30 seconds. So can we – and we see them often. Many clients assume that kitchen cupboards, for example, would be an Asset. The ATO see them as part of the building. Interestingly, there are people who do Depreciation Schedules who also get this mixed up. And remember, when you commission a Depreciation Schedule, pay for it, take delivery of, and use it, you are accepting responsibility for the accuracy of it. There are over 1,500 items on the ATO Asset list, and the list does change occasionally, but below are some common ones:



Above ground swimming poolsBuilt in kitchen cupboards
Air conditioning unitsClothes hoists
Carpets, vinyl, linoleum & other floor coveringsDoor and window fittings
CurtainsDriveways and paths
Electronic security systemsElectrical wiring
Furniture & fittingsFencing and retaining walls
HeatersFloor and wall tiles
Hot water systemsGarages and non-portable sheds
Lawn mowersIn ground swimming pools, saunas and spas
Microwave ovensPlumbing and gas fittings
RadiosReticulation piping
RefrigeratorsRoller door shutters
Reticulation pumps & timersRoof top ventilators & sky lights
Roller door motorsPermanently fixed security doors and screens
Solar water heatersSinks tubs & baths
StovesWash basins and toilet pans
Swimming pool filtration & cleaning systems
Synthetic lawn
Television sets
Video recorders
Washing machines

To find out how Depreciator represents genuine value, call us NOW on 1300 66 00 33 or email us at info@depreciator.com.au.

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