A list of fixed assets showing opening value of the assets, date of acquisition with its location, make, model and serial no alongside with depreciation amounts and writting down values. It is generally used by property managers or accountants to keep track of assets within the building for maintenance and tax depreciation purpose. It is a detailed version of the tax depreciation schedule, commonly requested by property owners in Commercial Industry.

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Under the Income Tax Assessment Act 1997, The Australian Tax Office (ATO) allows incoming producing businesses to claim deduction for depreciation against company income tax.

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Depreciation which is claimable under this legislation are Plant and Equipment - Division 40 and Capital works deductions - Division 43.

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Property acquisition / Purchase

Purchasing commercial building as incoming producing assets, property owners are entitled to claim depreciation on Division 40 plant and equipment and also Division 43 depending on the age of the building.

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Expenditure on Construction or offices fit-out

Landlords (Lessors) who contributed fit-out incentive to tenants (Lessees) are entitled to claim depreciation on these expenditure therefore reduce their taxabile income. Tenants who incurred expenditure on fitting out offices are entitled to claim depreciation on their parts. Our expertise is to split Lessors/Lessees' assets according to their lease agreement and incentive amount etc.

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Treatment on hotel building acquisition

Our expertise in allocating assets between property assets and operating assets to reflect the ownership and purchase price respectively.

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Plant and Equipment (Division 40)

An asset which has limited effective life reasoanably be expected to to decline in value over the time it is used. The effective life of these assets are varying according to its uses and industry such as residential, offices, hotel, industrial warehouse, manufacturing factory etc.

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Examples of plant and equipment are: -