It is important that if you choose to source your own Quantity Surveyor to complete a Depreciation Schedule for any or all of the investment properties you own that you rate them against a check list.
API suggests you grade them against the items below:
How thorough are Quantity Surveyors?
Whilst it is imperative that you utilize the services of a licensed quantity surveyor you will find that if you have the same property evaluated for depreciation by various firms that the results will invariably be different. This is usually as a result of how knowledgeable and thorough the surveyor you are using is.
The adage that “you get what you pay for” could never be truer. For the amounts of money involved as a result of Tax Deductions you should not scrimp on the Quantity Surveyors fee but make sure they will do the most thorough of jobs.
This includes taking proper measurements and stock of “common areas” and “plant” in apartment type scenarios where items are sometimes neglected.
Quantity Surveyors Costs
Whilst price is important in regards to any investment, it pales in comparison to service and receiving your report back in a timely fashion.
For the sake of a one or two hundred dollar saving I have seen instances where reports have come back expressing far from the best possible depreciation.
Having all you correct receipts and documents
You will always maximise your depreciation by having all your original correct and accurate documentation at the disposal of the Quantity Surveyor as this will enable them to make accurate calculations based on fact.
If the surveyor has to approximate values you will find that they will err on the side of caution and generally you will receive a depreciation schedule that gives you the ability to claim a lesser amount on your yearly tax return.
Need help in finding a good Quantity Surveyor?
After taking all these things into account we have created affiliations with a few select quantity surveyors who service virtually all areas around Australia.
If you require an accurate and thorough Depreciation Schedule to be completed in a timely manner at a fair price please complete this 4 line form and we will have the appropriate Quantity Surveyor respond presently.