Who do you use for your Depreciation Schedules?

C

CAFDS

Hi All,

I was hoping I could get some feedback in regards to Depreciation Schedules:

- Who have you used?
- How much did you pay?

I have been provided a few quotes, however wanted to open it up to the Somersoft community. Who have you used and who would you recommend.

CAFDS
 
Depreciator gets a lot of applause as does BMT. Cost varies with what is required. There is a big difference between cost of an apartment in a block of 35 and a free standing house that is old with modern reno.

All the major QS firms are specialists and are happy to speak to you and guide what is needed and you can discuss cost. Of course tell them you are from SS and were recommended and ask for a discount, if one is available.
 
I usually use Depreciator. I have in the past, used other firms, some with good and some with not-so-good results. The cost has been different each time, depending on the job. It costs nothing to ring up, and find out what it will be.
 
Ive used depreciator recently and bmt reasoonably recently....will use depreciator for future ones primarily due to price (product is comparable imo)
 
Used BMT and Depreciator - both great. But wait until I ask for update to BMT on the report they did 2 years ago....
 
I've been wondering, what happens when you look at your depreciation report and it just looks too good to be true? I got one done for my 100 year old apartment that was renovated 15 years ago, and the numbers were still crazy good. I went through a highly recommended depreciator too, not some backyard hack. I've had it happen a few times before. Do I just close my eyes and look the other way?
 
jerrybee said:
I've been wondering, what happens when you look at your depreciation report and it just looks too good to be true? .....Do I just close my eyes and look the other way?
Click to expand...

Why not? :) If you (or I) were qualified to have an opinion then we'd be doing our own depreciation schedules and tax returns. But since we are not qualified, we hire professionals to do the job for us, no?
 
Propertunity said:
Why not? :) If you (or I) were qualified to have an opinion then we'd be doing our own depreciation schedules and tax returns. But since we are not qualified, we hire professionals to do the job for us, no?
Click to expand...

Hey, I'm not complaining! I don't even know why I posted that. I'll turn a blind eye and call it a day:)
 
MIW said:
I use BMT and do ask for discount too!
Click to expand...

It's not something we publicise much but if you do mention Somersoft you will get a little bit off the fee (and if you send me a private message I'll make sure you're personally looked after).

We don't generally do large discounts in this sort of context and prefer to let our work stand for itself. Fee isn't everything (most people here appreciate that you get what you pay for) and we like to focus on the net value: the cheapest report is the one that gets you the most deductions and, boy, do we do a lot of research on that.

That said, I can't go into sales mode here so I'll echo what many have already said: if you get one, go with a major provider that people recommend. If you think some of the options at the cheaper end of the market sound too good to be true then that's a good instinct to trust.
 
I've always used BMT.
I get a discount as my REA referred me.
They're a bit pricier than those used by friends but it's always been reliable and I haven't had any issues.
The fee is tax deductible too so I'm not complaining.

You get a PDF version as well as a hardcopy booklet (if you request it) which is handy during tax time.
Part laziness to look for better alternatives but also less to think about now that I know they get the job done.
 
I purchased my first IP late last year so this will be my first time getting a depreciation schedule carried out.

Within how many days of the depreciation schedule being completed do I have to do my taxes?


Cheers,

Taku
 
Taku said:
I purchased my first IP late last year so this will be my first time getting a depreciation schedule carried out.

Within how many days of the depreciation schedule being completed do I have to do my taxes?
Click to expand...

Doesnt matter, the schedule runs for 20 years based off date of first available to rent.
 
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