Quantity surveyor
- Thread starter july
- Start date
I recently got 6 of mine Q surveyed. The first I bought in 1998!
He picked up around 6K in claims, just on that one alone, I hadn't previously claimed. Why so late? Cause I couldn't get a QS to go to Western Qld without paying a fortune, till I had a few to make it worthwhile for the QS to travel.
Anyway, taxwise, anything valued $300 or under comes straight out of Sundry Expenses.
Anything $1000 or under I get my taxagent to put into a pool @18.75% 1st year then 37.5% thereafter. The reason for 18.75% is so you can add lots of claims to it all taxation year & it all gets written off at the one rate.
Is this making sense?
Anything over $1000 is depreciated over the assets effective life rules. These are the ones which need to start from the date you first owned them, not from when the QS values them.
Cheers Brenda
He picked up around 6K in claims, just on that one alone, I hadn't previously claimed. Why so late? Cause I couldn't get a QS to go to Western Qld without paying a fortune, till I had a few to make it worthwhile for the QS to travel.
Anyway, taxwise, anything valued $300 or under comes straight out of Sundry Expenses.
Anything $1000 or under I get my taxagent to put into a pool @18.75% 1st year then 37.5% thereafter. The reason for 18.75% is so you can add lots of claims to it all taxation year & it all gets written off at the one rate.
Is this making sense?
Anything over $1000 is depreciated over the assets effective life rules. These are the ones which need to start from the date you first owned them, not from when the QS values them.
Cheers Brenda
The first thing my QS asked me is when did I purchase the property, when were any renovations done (it was not a new property) and when did the tenants first move in. The report was backdated to then.
We'd already had the property for over a year. Our accountant then took the report and lodged an ammendment to our previous years tax return and we received a few hundred dollars extra from the tax department (which covered the cost of the QS).
We'd already had the property for over a year. Our accountant then took the report and lodged an ammendment to our previous years tax return and we received a few hundred dollars extra from the tax department (which covered the cost of the QS).
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