Hi dien15,

A professional quantity surveyor will take into account all the information you have available, and will do the appropriate searches on the property to ensure they have gained a full history of the property and have everything they need to maximise the deductions available to you.  Where you don't have receipts for work done, because they have been lost etc, that is no problem, your quantity surveyor is qualified to estimate those costs for you.

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cheers
Leah

Hi Zeusrumble,

What a great opportunity!  Whether to rent or sell would really be dependent upon your financial situation.  There are some real benefits to renting the property out though.  Obviously there is the rental income which should cover at least part of the mortgage repayments which is always helpful.  The rent you receive will be taxed as assessible income.  This is where it becomes important to maximise the deductions available as a property investor, to keep your assessible income, and therefore your tax, minimised.  One of the best ways to do this is to have a Tax Depreciation Schedule prepared by a professional quantity surveyor.  Depreciation is a deduction you can claim for the gradual wear and tear of your property over time, and is in addition to all the standard expenses that are deductible, such as mortgage interest, repairs and maintenance on the property, management fees etc. 

I recommend doing some reading to help you further understand what it means to have an investment property.  I can recommend Michael Yardneys "How to grow a multi-million dollar property portfolio", even if you aren't looking to do that, it gives some great explanations about what it means financially to invest in property.

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cheers,
Leah Wilkins
Capital Claims