Property Blog

Here we endeavour to give clarity around, “Who is responsible for rectifying items that have been found defective in a new property?” and, “What time frame is in place for these items to be fixed?” Responsibilities Contractors will be liable to repair damage caused to the property in the course of completing their building work. They will also be liable to repair any consequential damage caused by, or as a consequence…

We are often asked why some imperfections aren’t included in a report.  It may be that it can be seen in glancing light down a hallway or when you are looking up very close, but, it is not so evident when you stand back from it.  Here we hope to put some clarity on the subject… The Queensland Building & Construction Commission (QBCC) have developed a standard that refers to…

[vc_row][vc_column][vc_column_text]How do you decide whether an expense should be claimed as … a Repair & Maintenance item or a Capital Improvement? This can be a very confusing space to navigate, but it is important that the claims made are accurate.  "Get it right", is the advice given to rental property owners from the Australian Taxation Office (ATO). The following are some guidelines and common deductions that you need to be…

When an inspector conducts a building handover inspection he/she is looking for any items that do not comply with or reach the appropriate Australian Standards and Tolerances and the requirements of the Building Code of Australia (BCA).  The defects and omissions noted are usually due to unfinished works, damage caused during construction by trades and workmanship that does not meet industry standards. There are strict guidelines to assess defects so…

What items or assets can I potentially claim depreciation on in my new residential rental property? According to the ATO these items commonly found in a new residential property may be claimable.   Indoor assets air conditioning assets ceiling fans electric clocks dvd players door closers & stops evaporative coolers floor coverings which are removable without damage freestanding furniture garbage bins heaters electric or gas hot water systems intercom light…

Navigating the Building Handover Inspection process… Your new home is almost complete and you really want to make sure you achieve the best quality outcome with a smooth, thorough and efficient handover process. “A home reaches practical completion or is ready for handover when all the building work has been done and you are able to move in, i.e it is reasonably suitable for habitation. Some minor defects and minor omissions are acceptable.”…

I am often amazed to hear that there are property investors who are not using a professionally prepared Depreciation Schedule calculated by a Quantity Surveyor and are relying on their accountant to calculate their depreciation claims. Unfortunately, accountants are not trained to provide an accurate assessment of building and construction costs and the depreciation that is claimable for your commercial and residential investment properties and will be able to give…

When most people think about or discuss investing in property it is most likely their thought process moves to residential real estate. However, experienced property investors often look outside of this market towards the commercial property sector. The commercial property market is made up primarily of three sectors: Industrial, Retail and Office. This market has become more competitive in recent years as more investors are seeing the advantage of this class of property…