You call that service, THIS is service! Depreciation Schedule done in 45 hours

Peter 14.7

Peter 14.7

Hi All

Warning this thread is an unabashed thankyou to Scott Brunsdon and his team at Depreciator for getting me out of pickle.

FYI Scott is a regular contributor (alias Depreciator:rolleyes: ) on all things depreciation and offers depreciation schedule services to property investors.

On Monday, I was completing my 04/05 tax at my Accountant due 30th March. Tick family trust, tick capital loss, tick car lease, NO tick depreciation schedule.:eek:

Seems Accountant thought I was getting it and I was sure he was doing it and with tax to pay and assessment due in 8 working days, Peter not a happy camper.:mad:

So I pressed the panic button and called Scott at 3pm Monday and asked (more begged) for urgent help.:eek:

Nothing too hard for a fellow Somersoftian Scott says (not bothering to ask why I had been so dumb) and swings one of his team and his personal nous in action.

By 3:17pm I had been registered and emailed what I needed to answer.

Two emails back and a few calls and by 5.42pm he had enough to provide to me today at 12:23pm a full schedule that will be putting $13,000 in my pocket and not the ATO. Turnaround 45 hours.:D

Whilst Scott pointed out this is not his normal turnaround I wish to thank him BIG TIME for such as performance and outcome. He even gave me a Somersoft discount! (ps I would have paid double.)

So like the L J Hooker ad “thankyou Mr Depreciator your the best!!”

Much more Happy, Peter 147
 
i felt all warm and mushy reading that. what a guy! what a team!!

it also comes from networking with some wonderful people who, even tho most have never met in person, feel almost like family.
 
Same experience here Peter.

Another big Thankyou Scott and Depreciator!!

As I posted last week in another thread, I've just bought a block of 5 flats. Last week I called Scott and had a chat with him.

The previous owner has had a depreciation schedule done but thankfully very poorly. Why thankfully you ask??

Well, after speaking to Scott he asked me to fax them too him to see if it was worth him redoing them. My limited understanding of it is, the last QS had done such a bad job he'd failed to claim a lot of things he should have leaving me to be able to claim them this year, a $12,500 deduction I wasn't expecting. So yes, Scott redid them all for me.

Unlike Peter, I wasn't in a hurry to get them as I don't need them for months yet but after ordering them Friday, I had all five yesterday, two working days later.

I also had a couple of calls from Nicola(?), one of Scott's staff, who was friendly and made me feel right at ease when I didn't now all the answers to her questions.

To top it off, as another Somersoftian (I like that term Peter), he also gave me a generous discount! :D

So again, thanks Scott. And thanks Somersoft for giving us the opportunity to network!

Cheers
 
It seems that accountants and financial advisors have taken a big hit reputation wise in recent years and so they should imo.
Many are a joke, I recently had a business CF projection done by an accountant which took more than a few days to get, turned out to be very inaccurate and in fact showed that the business was a very bad proposition in fact not even doable, supposedly took the accountant 3 or 4 hours to do.
I paid over $400 for this.
The very next week I was directed to a broker (ex ANZ bank manager)who did a CF projection far more realistic right in front of me in one hour, cost nothing.:eek:
I suppose I should have seen the "signs" when the accountant tried to start the CF when I was there and appeared to have no idea which program to use or how to use it, it was comical, I was in disbelief but gave him the benefit of the doubt as time was an issue.

Another example to live and learn from.
 
Thanks guys. Always happy to help people in a pickle.
The reality is, they were pretty simple jobs. They were older properties and we were to a large extent working with 'known asset costs'.
In Sultan's case, a QS (who I know of) had recently sort of done a schedule. When I say 'sort of' the costs were there, but not much else. It wasn't really what I'd call a full Depreciation Schedule. For example, items under $300 in value had not been written off and the Low Value Pool had not been provided as an option. In effect, we finished off the previous QS's job.
That's why it pays to go to people who do depreciation work all the time, whether it's us, or BMT or WB.
Scott
 
So you didn't have to visit SOS's property then, Scott?
Could have been a nice excuse to visit Australia's second prettiest state :D
 
Jacque said:
So you didn't have to visit SOS's property then, Scott?
Could have been a nice excuse to visit Australia's second prettiest state :D
Click to expand...

You've been here Jacque? When are you coming again?? I'd love to meet with you and any other Somersoftians if you've ever down this way.
 
Sadly no, Jacque. I don't inspect properties anyway. I was down there twice last year, though - once to sell an IP and once for some seminars First National were running. It is indeed an amazing place. I think the fact that we mainlanders can't drive there has been a blessing for Tassie, though I realise they feel isolated and sometimes forgotten. I want to get down there again for a week on that ship that sails from Sydney.
 
Sultan of Swing said:
You've been here Jacque? When are you coming again?? I'd love to meet with you and any other Somersoftians if you've ever down this way.
Click to expand...

Only had the pleasure once but hope to do it again one day. I think you're more likely to come to the Big Smoke SOS before I revisit.
And, when you do, we will arrange a big meet for the clever Tassie :)

Hope your block continues to perform well for you over the ensuing yrs...
 
What a pleasure to read such a great big thank you on the Forum.

I was feeling a bit worn 'n' torn by the daily grind until I read that great big thank you, made my day.

And on account of the plugs, I for one will be contacting Depreciator to make some enquiries for myself, so thank you for posting the thank you. :D

cheers
crest133
 
Gotta Admit I'm a Depreciator Fan as well; Used Alistair in Perth and can only say good things about the guy and his attitude towards people and the job..My accountant has been happy with the reports as well.

The Depreciator site and Process for Obtaining the report is far better than what I've experienced in the past.

Plus I've seen Scotts numerious Posts of Assistance without financial benefit here and on PI.com

Many Thanks Scott;)
 
I am a huge Depreciator fan now. We haven't evens tarted with our tax return yet. I think we are going to get penalised!

Anyway I just phoned up Depreciator and found out that because our properties are brand new and built in the same tax year that they don't need to physically send someone there. We just need to give them all our costs and the turnaround time is about 48 hours.

and it's only $275 per property.
 
Having 'known costs' is the key.
We sight a Building Contract (often with itemised Asset costs) and talk to the builder. Using 'known costs' is ATO preferred.
We don't do this with units, though. When people buy a newish unit it's best to try and track down (through the developer) the QS who was on the project. I'll often assist people to do this.
Scott
 
Hi All

As I was reading this thread our accountant rang to confirm the change in tax returns due to the schedule.

Me from due to pay $2500 to only $220.
Wife from due to pay $2200 to get back $1300.

Net result. Saving of $6000 give or take a $.

PS Thats is not counting the back return for 99 onwards!

Still smiling, Peter 147:D
 
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