Over a 4.5 year period my partner has almost completely rebuilt an old home purchased for investment and now has it rented. Despite best efforts, only some 60 - 65% of receipts were recorded in a random list, and the total expense of the renovation would only be an estimate. There is still a pile of receipts that haven't been recorded, and many receipts can't be found. How does one approach getting correct depreciation on this property without falling foul of the ATO's expectation of keeping detailed records of renovations? I have been told that a depreciation schedule can be done but wonder how that accounts for the owner's labour and actual costs? (understanding that personal labour is not able to be included as a cost) If the owner opts to get the DS done, is it still necessary to itemise the remaining receipts? Most importantly, if an audit were asked for at a later date, where does the owner stand with regard to verifying costs? Can the depreciation schedule stand on its own? The objective is only to claim whatever is legally allowable without being shortchanged by the absence of good record keeping.