Depreciation schedule.

A depreciation schedule is a report prepared by a qualified quantity surveyor (QS) listing every depreciable asset in an investment property. Plant and equipment under Division 40, capital works under Division 43, with effective lives and methods specified per item.

Cost: $500-$800 typical for residential property (one-time fee, deducted in the year incurred). Useful life: the schedule is good for the entire ownership period unless major renovations occur.

ROI is dramatic. A depreciation schedule on a $700K post-2000 build typically unlocks $8,000-$15,000/year in extra deductions in early years. At 39% marginal rate, that's $3,000-$5,800 of refund per year, recouping the QS fee in months. Without a schedule, most investors leave Div 43 fully on the table.