Hi guys…
new to this site and have just bought our first investment property. Just a quick question I am organising my tax depreciation schedule for the townhouse so i can take it to my accountants asap and wondering does everyone pay to get these done? How much do you pay for this report? i thought they were free but still have no clue about them….any help apprecited!
Hate to say definately not free.
Normally would expect to pay somewhere in the region of $400-$500 and if the property has been built in the last say 20 years or has some renovated fixtures / fittings probably well worth it. The cost of the report is also deductible.
Your Broker should be able to give you a few Qs firms on the northside.
Richard Taylor | Australia's leading private lender
thanks so much – got a price from them and it was arround 330 discounted for us – usually 660…just checking to see if they weren't free but nothing is free anymore!!!! thanks again.
Why would they be free? someone has to go out and inspect the property and note down al the different types of fixtures and fittings etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
What happens if they QS overestimates the value of some of the fixtures and fittings, and then you get audited?
I am sure it is unlikely that the ATO would send their own QS to check the place out, but can a property owner rely on the QS report as gospel when it comes to tax time without any fear that the values are overstated?
Thanks,
YII remember in the good old days Henry Kaye use to say he would order 3 or 4 QS reports and take the highest!
He had some good strategies
(he was running $15k property courses, but had a few problems with ASIC and others chasing him)
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
haha… love the comment, but in all seriousness, can an owner rely on the QS report in terms of ATO audit?
Yes, if they are suitably qualified
TR 97/25
http://law.ato.gov.au/atolaw/view.htm?locid=%27TXR/TR9725/NAT/ATO%27&PiT=99991231235958Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
golden – thanks
first investment property so didn't know what one was and thought it was a piece of paper that comes when you buy the property! now i know what they actually are and yes understand why you woudl have to pay for one…cheers
The cost is deductible and it should save you thousands in tax so well worth getting.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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