If you're managing commercial property, using a private depreciation schedule, or dealing with assets that don’t follow standard ATO rates, you may need to create custom depreciation categories. This allows you to accurately reflect the effective life and claim values provided by your quantity surveyor or advisor, ensuring your deductions are spot on. You can set these up in just a few quick steps.
Step 1: Open the Depreciation Tab
Select the relevant property from your Property Tank dashboard.
Go to the Depreciation tab and click the Add button.
Step 2: Create Custom Categories
Click the cog icon to manage depreciation categories.
Enter the category name and effective life (in years) from your depreciation schedule, then select Save.
Add any additional custom categories as needed, then Close to return to the depreciation form.
Step 3: Assign the Custom Category
When adding a new asset, simply select your custom category from the dropdown list.
Complete the remaining fields as you would for any other depreciation item.
💡 Tip:
Custom depreciation categories are shared across all your properties, so once they’re created, you can use them wherever you need without adding them again.
Need to edit or delete a Custom Category?
To make changes to a custom category, click the cog icon again.
Select the category from the left-hand menu to edit or delete as needed.
