Adding existing depreciation schedules, new builds, or renovation projects is quick and simple. Even better — once added, depreciation automatically carries forward each year so you never miss a claim.
Step 1: Choose Your Depreciation Method
We default to the Diminishing Value method, which is commonly used by property investors to maximise claims in the early years.
However, if you have previously been using the prime cost method, or just prefer this method, you can update to this method. The selected method will apply to all plant & equipment items with a few exceptions.
Not sure which method to use? Don’t worry — you or your accountant can update it at any time.
Step 2: Add Depreciation
Open the relevant property
Click on the Depreciation tab
Hit the Add button
Step 3: Select 'Plant & Equipment'
From the depreciation switcher, choose Plant & Equipment to add all items that aren’t part of the building structure (capital works).
Step 4: Add Depreciation Details
Plant & Equipment is broken into three categories based on ATO rules:
1. Useful Life
These are standard depreciable items based on ATO guidelines, which we’ve already built into TaxTank to keep your claims accurate and compliant.
To add:
Category – Select the item (e.g. oven, carpet)
Amount – Enter the original purchase price
Completion Date – Date of purchase, or when it was installed and ready to use
Description – Add a name or note for easy reference
Closing Balance – For existing schedules, confirm the closing balance. If it’s not correct, untick the “Is this correct?” box and adjust the amount.
Upload Receipt – Optional for new items, but helpful for records. You can also attach an existing depreciation schedule to the Spare Tank.
2. Low Value Pool
Items between $301 and $1,000 are added to the Low Value Pool, depreciating at:
18.75% in the first year
37.5% each year after
TaxTank will also automatically move Diminishing Value items into this pool once their balance drops below $1,000 — helping to maximise your deductions over time.
3. Write-Offs
Items under $300 are immediately written off in the year of purchase. That means the full cost is claimed in one go, like a standard expense.
If you're using the Prime Cost method, we’ll still automatically write off Diminishing items when their value drops below $300 to make sure you're getting the most out of your deductions.
And if you’ve replaced or removed an item (e.g. a broken dishwasher), simply click the Write Off button next to it to claim any remaining depreciation balance in the current financial year.