Quantity surveyors illegal?

From: J Parker


Hi all, have a tax question for you.
A friend of mine was recently told by her accountant that you now need to have receipts for all capital improvement items (new stoves, light fittings etc) when using a quantity surveyor, as it is quite illegal to withhold receipts knowingly. The accountant reckons that quantity surveyors are not allowed to just estimate anymore, especially if the items are new and are highly likely to have a receipt. I told her that was bull****, but maybe I'm wrong? Boy, do I hate self-doubt. It really creeps up on you, doesn't it?
Anyone care to straighten this out for me? Much appreciated, Cheers, Jacque :)
 
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Reply: 1
From: Dale Gatherum-Goss


Hi

What a load of crap!!!

The tax office actively promote the QS idea to substantiate tax deductions for depreciation and the special building write off.

Whilst tax law changes dramatically, this rule has not changed in the last 10 years that I can think of - perhaps more.

Tell your friend to ask the accountant to show him/her the legislation and ruling from which he has drawn this conclusion. If he cannot (and we know the answer to that one, don't we boys and girls) then your friend should consider finding another accountant in her area that does understand the rules.

Cheers

Dale
 
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Reply: 2
From: Michael G


Hi,

Think about this, a merchant is less regulated to produce receipts than a QS is to produce a report.

Michael G.
 
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Reply: 2.1
From: J Parker


Thanks Dale and MG- nice to know that I was right after all. Cheers, Jacque :)
 
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