Is Quantity Surveyor Needed ?

From: Paddy in the Paddies


Firstly a very big THANK YOU to all involved in the forum, it is a huge learning experience just following the many varied posts and threads. I don't know where some of the regular contributors find the time, but I'm pleased they do.

Just last week I bought my first purpose bought IP, my other (ex PPOR) is an IP by default since I moved here to Japan for some time. I remember reading about the need for Quantity Surveyors to correctly claim deprec'n, but I'm not sure in which cases this is needed ?

My recent purchase is 8 years old, has not had and shouldn't require any renos for a long way down the road.

Do I need a QS ?
In what cases are QS recommended ?


Patosan
 
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Reply: 1
From: Rixter ®


Patty,
If its new or near new (within 15years) and you intend keeping the ip long term I recommend you get a QS report done. They are worth their weight in gold and it will help maximise your cashflow!


Happy Investing,
Rixter :)
 
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Reply: 1.1
From: Dale Gatherum-Goss


Hi

The tax laws allow depreciation to be claimed on both the chattels and the building itself. However, the rules say that only certain qualified people are allowed to estimate the values that you can use to claim depreciation.

So, if you do not obtain a QS report, you will not be able to claim this valuable tax deduction, or alternatively, you will not be able to substantiate this tax deduction.

Personally, I would obtain one for every property bought where the construction was after 1985. And quite possibly one built before that date in some circumstances.

Have fun

Dale
 
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Reply: 1.1.1
From: Paddy in the Paddies


Thanks guys,

It was also very informative to read Anton's post about depr'n schedules. Certainly sounds as though a QS is needed for every purchase, as you say Dale.


Patosan
 
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Reply: 1.1.2
From: Luke W


On Tuesday Dale said
"Personally, I would obtain one for every property bought where the construction was after 1985. And quite possibly one built before that date in ___*some circumstances.*___"
(my emphasis)

Hi Dale, thanks once again for your generosity in sharing your expertise.

Could you elaborate at all on the 'some circumstances' where you would get one for an older house, particularly a much older house.

Many thanks,
LukeW
 
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Reply: 1.1.2.1
From: Dale Gatherum-Goss


Hi Luke

Sure . . .

In particular where:

the house has been renovated sometime within the last few years

or, where the house has been extended or improved within the last 17 years

or, where the previous owner has spent money on new carpets, stoves or HWS within the last year or two.

lastly, where I "think" there might be a chance of gaining depreciation benefits.

I hope that this helps

Dale
 
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Reply: 1.1.2.1.1
From: Felicity W.


I'll add another question, although I have a feeling it's been answered before, I just can't find it!!
Do you recommend a depreciation report for a property to be wrapped?
Keep smiling
Felicity :cool:
 
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Reply: 1.1.2.1.1.1
From: Dale Gatherum-Goss


Hiya Felicity!

There is no correct answer to this question as yet because the tax office have not yet decided on how to treat wraps and until recently, they had not even considered the issues of depreciation . . .

My thoughts are that yes, it is worthwhile getting a QS report for a wrapped property simply because you wear the economic loss should the wrappee walk away from the deal.

It's a tough call though and I may well be wrong.

Have fun

Dale
 
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