- December 19, 2018
- Posted by: admin
- Category: Property Depreciation
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 you a conservative estimate only. The best way to maximise the amount you can claim is to use a qualified Quantity Surveying firm.
Division 43 Capital Works claims are calculated at 2.5% of the original construction cost. The calculation of this claim requires training in construction costing and is well outside the experience of your accountant. The ATO specifically states; unless they are otherwise qualified, Valuers, Real Estate Agents, Accountants and Solicitors have neither the relevant qualifications nor the experience to make such estimates. (TR 97/25). Only a Quantity Surveyor registered with the Tax Practitioners Board can produce reports recognised by the Australian Taxation Office.
Our team of highly qualified Quantity Surveyors can prepare an accurate report for your residential and commercial rental properties. We are registered Quantity Surveyors and are members of the Tax Practitioners Board and are happy to answer any questions about potential claims and how recent changes to legislation may affect you. We can also give you a free estimate over the phone.
To arrange an inspection or quote just follow the Request a quote link.