A Thrifty Tax Depreciation Schedule captures the wear and tear of building and its components known as plant and equipment or fixtures and fittings. The building is referred in the Income Tax Assessment Act of 1997 as Division 43. The plant and equipment assets is referred to in the act as Division 40 which is the calculation of decline in value of items such as oven, rangehood, carpet or ceiling fans. The schedule is therefore made up of these two parts to allow you as the tax payer to maximise your deductions and ultimately bring you a better tax return. The list of plant and equipment is also itemised to allow investors to scrap assets that are removed or demolished from the property.