Should I use a Quantity Surveyor?

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Anonymous

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From: Anonymous


I have just purchased a 3 year old Villa in Sydney and was wondering if anyone had any advice/experience with using a Quantity Surveyor to maximise Depreciation information. During a previous purchase my old accountant and I just did a rough estimate of fittings as no building depreciation was applicable. I believe for about $800 I can get a full building and fitting depreciation report prepared by a Quantity Surveyor and this is also accepted by the Tax Department in case of audit. The Quantity Surveyor is saying that I could expect a much higher and complete depreciation schedule if undertaken by themselves and the $800 cost would be quickly recouped(I wonder?). Any Accountants or players have any advice/experience on this matter. Also, any recommendations on suitable QS's in Sydney?

Thank you
 
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Reply: 1
From: Michael Yardney


If you have bought a new, or reasonably new investment property, you will definitely get value for money from a depreciation schedule prepared by a quantity surveyor. They will come up with things that neither your accountant nor you would have thought of. And if you have this properly documented by a QS, the tax man wont argue with you. You should be paying a little less than what you were quoted - probably around $600. I recommend Herron Todd White (who are also valuers) & Napier & Blakely. They both have offices in all states.
Michael Yardney Metropole Properties
 
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Reply: 2
From: Rolf Latham


Try Napier and Blakely

Washington Brown

Clients of mine have used with good results

ta

Rolf
 
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Reply: 3
From: Liam B


Hi,
I see a lot of people mention that it is good to use a QS for new buildings but what about renovation and extensions.These items are harder to claim as deductible as they can be classed as improvements but will a QS then be able to get you more of a depreciation rate?

LB
 
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Reply: 4
From: D R


Hi There,

Given that it is a relatively new place you would definitely benefit from a Quantity Surveyors report.

The ATO will accept such reports as proof of depreciation if you ever get audited.

Trust me I work for them .......:eek:).

I just had one done by HTW for $385 incl GST.

Cheers

DR
 
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Reply: 4.1
From: Jude H


Hi all,

New to the game, have just bought an 8 month old property and am building a house for rental. Why the need for a QS? I don't know what they do. Could someone please enlighten me?

Thanks

Jude
 
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Reply: 4.1.1
From: Rolf Latham


Hi Jude

A QS is an ATO approvde person to define the "depreciables" of your property. For example, how much did it cpst to build the thing, (2.5 % deduction over 40 years). How much are the fixtures an fittings worth (average pf say 10 % over 10 years)

If the place is less than 5 years old, the cost of a QS ($ 400 to $ 700) is very worthwhile you know what you can claim, AND it will not be disputed by the ATO

Ta

Rolf
 
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