QS Reports - The Good and Bad

I'm often asked about QS reports and frankly don't care which firm a client uses. But thought I would give some feedback on what I do like and don't like in QS reports as a very frequent user:

LIKES
- An excel spreadsheet copy + paper copy. BMT do this but only send it to the accountant. I wish others also did this. Its fantastic when an asset is scrapped / replaced etc. Most QS reports make disposal of an asset (eg oven) very problematic. Excel simplifies this.
- A FULL history of the annual depn and CA deductions in a summary schedule. Common to most schedule providers many of which provide a side-by side table comparative DV and PC methods.. Depreciators is OK...Uses different colours but often stops after a period of time....But I want to see the value stop as this can be confusing when I don't know what the build date was.
- Date of construction to be mentioned...You may be surprised how many don't mention this key issue. Helps to clear up scrapping issues when I ask "When does 40 years end ??"'
- A CGT breakdown schedule...Cost and its elements ie land, P&E, Construction etc. Few do this. Washington Browns is very good.

DISLIKE
- Using cents. Irrelevant for tax purposes altogether.
- Reports that don't use dates !!! These reports stink. Year 1, Year 2 etc. Each year should have the tax year mentioned or errors can occur. This is often found with cheap schedules for some reason. Buyers beware.
- Those without a cost breakdown schedule. Some providers break down the purchase price into its various elements and then provides schedules etc for each element...Thats the preferred CGT option. Really clear and evident cost breakdown.
- I cant think of a single QS firm that includes a market value estimate in the QS reports for a former PPOR that commences earning income for the first time. Would be nice to see QS firms consider that in their reports.
- Accountants that replicate a QS report into the client tax return. A real time waster...However its a cost waster since most firms charge by the hour. You may be surprised by how many SSers bring returns to me with this issue. I then look at it and find two ovens, two cooktops, two hotwater heaters etc....They don't even scrap the former items !!
 
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