Buildings can be written-off and the Assets (fixtures and fittings) in them can be depreciated. Buildings are written off slowly, and Assets more quickly. The main confusion lies between what is considered part of the building, and what is an Asset. When the ATO look at a Depreciation Schedule in an audit, the first thing they look at is the list of Assets. They can spot a dud Schedule in about 30 seconds. So can we - and we see them often. Many clients assume that kitchen cupboards, for example, would be an Asset. The ATO see them as part of the building. Interestingly, there are people who do Depreciation Schedules who also get this mixed up. And remember, when you commission a Depreciation Schedule, pay for it, take delivery of, and use it, you are accepting responsibility for the accuracy of it. There are over 1,500 items on the ATO Asset list, and the list does change occasionally, but below are some common ones:

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