Depreciation for Agricultural Holdings: If in the last 5 to 10 years you have purchased or had transferred a rural holding you are entitled to claim the Depreciation Schedule allowance for the existing assets.
The Depreciation of Assets allows for a yearly expense for the wear and tear of these assets. Not dissimilar to other expenses claimed in your profit and loss statement.
The assets that are entitled to be depreciated but not limited to the following are buildings, grain silos, fencing, stock yards, water infrastructure, manager’s dwellings, dams, hay sheds shearing sheds, irrigation infrastructure and any other man made infrastructure.
If you wish us to undertake a depreciation schedule on your behalf, a Quantity Surveyor will inspect the property and prepare a detailed list of assets and provide a valuation for each of the assets. The Depreciation Schedule Report is prepared in close collaboration with your taxation accountant. The Quantity Surveyors at Big Sky Depreciations are registered with the ATO Taxation Practitioners Board and importantly have had a life time’s experience of working in rural NSW. Big Sky Depreciations understand your rural business and depreciating assets involved in your business.
Big Sky depreciations is a division of Lindsay Doyle & Associates PTY LTD