Until now the majority (if not every investor) has to some extent been depreciating items that the ATO are now stating were never depreciable, but in fact claimable as a capital works deduction.
To safeguard against audit a taxupdate of your schedule will be required to show compliance to the ATO’s list of depreciable assets.

Updating your schedule, regardless of who produced it in the past, will set the trend and create a written down basis from which future claims can be based.

“In effect a taxupdate is drawing a line in the sand and making the statement to the ATO that as at the 1 July 2004 all claims are compliant with current legislation.”