Both terms are often used together, but they refer to different parts of the same process. A property depreciation report outlines the property details, construction history, eligible capital works and asset values identified by the Quantity Surveyor.
The tax depreciation schedule is the section of that report that sets out the year-by-year deductions you can claim on your tax return.
Understanding both documents helps investors stay ATO compliant and ensures depreciation claims are accurate across the full effective life of the property.