Are Online Depreciation Schedules Any Good?

[Kenster]

I need someone to do the depreciation schedules for our IP's.

The quotes I have from normal suppliers are around $600 to $700 + GST.

I can't help to notice there are a number of internet providers like austtaxonline.com, corpred.com and deppro.com offering similar depreciation schedule service at 30% to 60% less in price.

Are they any good?

Which one is most reputable / reliable?

Thank you.

What I am looking for is the best value for the money spent.

 

[Rixter]

I would suggest, you get what you pay for.

To make money you must spend money. A QS report is no different.

Dont be a miser....the reason why most people find them selves where they are today is a direct result of their past thoughts, decisions & actions/inactions.

If you want what others have you must do what they do.

Food for thought.

 

[Terry_w]

I imagine the online ones entail you plugging in figures - how are you going to find or estimate these figures?

 

[Kenster]

Typical charge is $230 + GST for a non-inspection and $470 + GST for a full-inspection.

Not sure how they do the non-inspection depreciation schedules.

They all claim to be registered tax agents and the reports are ATO compliant.

 

[pinkboy]

I reckon you are better off spending the extra on a full QS walkthrough shedule. For the extra $$$ (which is deductable as well in the first year), they will pick up $$$hundreds or $$$thousands of extra depriciable items.

pinkboy

 

[syba]

Short answer is no. For the few hundred dollars that you would save (which is also tax deductable), you will most likely be sacrificing thousands of dollars in deductions.

If you were a Quantity Surveyor (QS) and knew what you are doing, then it would be fine to use them, but if you were a QS you would have no need for them anyway.

Find yourself a reputable QS that doesn't do these 'online' reports where you enter your own numbers, and you'll be doing yourself and your tax return/hip pocket a big favour.

 

[ozsupra]

Disagree, and I'm sure it depends on the agency. Have done both on-line and actual visits. The on-line one was by far the better report and documentation.
A.

 

[syba]

There used to be some companies that get you to enter in all the costs of items into their checklist and then spits out a report. I'm not sure if they are still around since the requirement of people that do the reports are registered tax agents (which came in around 2010 from memory). If they still exist, in my opinion I wouldn't go anywhere near them. I thought the question was relating to these "online" reports rather than ones prepared by a qualified QS who is also a tax agent.

If your talking about whether they include a site inspection or not, then I agree that often it may not be necessary for a site inspection for a new property should sufficient information be available (the core QS compentancy is the calculation of construction costs from drawings, shedule of finishes and the like, so this is no different). When it comes to older properties, you definately need a site inspection (again in my opinion) as the QS needs to determine the age, wear and tear of the assets, plus also consider any renovations, etc by previous owners.

My 2c

 

[blw101]

PM Depreciator, I assume he's still a member on the forum?

He's done a couple of mine, was excellent to deal with.

 

[depreciator]

Yes, he's still here.

He doesn't like to jump into these sort of threads lest he says something inflamatory.

 

[blw101]

How restrained of you. Should you received any business I might have to ask for a referral fee. Hang on, don't you offer one?

 

[depreciator]

Yep, we do that.

 

[Burramys]

I would suggest, you get what you pay for.

To make money you must spend money. A QS report is no different.

Dont be a miser....the reason why most people find them selves where they are today is a direct result of their past thoughts, decisions & actions/inactions.

If you want what others have you must do what they do.

Food for thought.

These are good thoughts. Perhaps an online calculator could be used to get an idea of the savings, and then, if so decided, have a person do it. The level of knowledge of the owner is crucial for DIY.