Quantity Suveyor

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From: Rolly Taddeo


I have employed a Quantity surveyor to do a report on a new unit i have purchased.
Rang my accountant to explain what i am doing and she told me that I'm wasting my money i don't need a Tax depreciation Schedule because you can only claim the unit and the builder has this information which is the PC schedule and your walls that hold the unit together.
any comments would be appreciated
Rolly
 
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Reply: 1
From: Robert Forward


My first comment for you is to think about changing your accountant.

Yes QS Reports do mean a lot especially for units. You are able to claim portions of common grounds ie: the pool, the pool filter, the gardens, the fence, the fire hydrant, the fire extinguisher etc etc etc....

But you can only claim a portion of what the cost is in regards to these ie: if there are 20 units in the block then you can claim 1/20th of the costs.

But do check the above info out with a different accountant and hear the truth.

Cheers
Robert
 
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Reply: 1.1
From: Duncan M



>Yes QS Reports do mean a lot
>especially for units. You are
>able to claim portions of
>common grounds ie: the pool,
>the pool filter, the gardens,
>the fence, the fire hydrant,
>the fire extinguisher etc etc
>etc....
>
>But you can only claim a
>portion of what the cost is in
>regards to these ie: if there
>are 20 units in the block then
>you can claim 1/20th of the
>costs.

Rob, thank-you very much for your post, I hadnt realised the above and it contains significant relevance for our situation.

Regards,

Duncan.
 
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Reply: 2
From: Waverly Bay


A friend got a tax depreciation schedule from a valuer on a new Sydney apartment 3 weeks ago. The cost of the apartment was about $315K, the tax depreciation schedule gave tax depreciation deductions of $180K over 40 years, with the first 5 years giving tax depreciation deductions of approx $10K per year.

For about $400, definitely worth doing, as it gives significant cash flow benefits, particularly if you intend to hold the apartment long term (as is the case with my friend)
 
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Reply: 2.1
From: Dale Gatherum-Goss


I agree with the post already made . . .you need a new accountant!

The tax office is quite clear about what information you need to support a claim for depreciation and building allowances and a QS report is vital.

Perhaps you should suggest that your accountant check tax ruling TR 97/25.

Furthermore, the tax office have a "Rental Audit Project" which looks at tax returns claiming for rental properties. They specifically ask for a QS Report to substantiate the claims made.

Cheers and good luck

Dale
 
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Reply: 2.1.1
From: Anonymous


With regards to fees charged by Quantity Surveyors(in Sydney), really shop around. I had two quotes for around $800 each on a 3 year old villa but another for around $400 from Herron Todd White. Quite a difference!
 
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