With alot of pre 85 properties, it’s hard to justify the cost of commissioning a Tax Depreciation Schedule. And we won’t do one unless there is sufficient benefit for a client. I’ve spoken to a few Forum members over the last week about how they can self assess the value of Depreciable Assets (fixtures and fittings) and claim depreciation without…[Read more]

Earl would have meant in case there was the possibility of claiming disposal of assets as a write-off. Napiers and WB are QS companies, as are we.

Scott – Depreciator 1300 660033

And Luke, your schedule should have been $660. I give readers of this forum a discount but you have to mention it when booking. Unless there was a travel loading on your job?

Send me an e-mail with your surname and job ID. If there was no travel on that job, I’ll get the boys to do you a refund.

I’ll be able to sort this out…[Read more]

The ATO prefer it that way too.

Rider Hunt have been around for a long time. I haven’t seen one of their Schedules in ages, but I’d say it would be pretty good – they’re not a cut rate supplier. Having said that, the format may not be ‘investor friendly’ i.e. it could be hard to read.

If you fax it to me, I’ll happily talk you through it over the phone. If there are any…[Read more]

Thanks Shaun.

Skippygirl may have already called us. There are some regions where we don’t have guys and the jobs there incur a travel fee.

Skippygirl,

The ATO will accept construction estimates from a range of people. QSs are at the top of the list. But estimators are fine as are some builders. (Even architects are there but they’re not great…[Read more]

I’m wondering who are the 8 get-rich-quick gurus named in the Australian Consumer and Investments Commission report (ref: today’s SMH, page 6).

According to the report, ‘they recklessly overstate benefits and use psychological manipulation to draw people in.’

Apparently the report has been under wraps since May last year. Lots of people would…[Read more]

Kavan,

Quantity Surveyors do a range of work – cost plans/estimates, builder bill of quantities, and tax work.

Not all QSs do tax work – too many rule changes.

Some do tax work and nothing else.

Fluffy,

There is a chance it will not be worth getting a schedule done on your property. It will depend on the depreciable assets inside the…[Read more]

It’s not a bad idea to take a photo of repairs before you do them just in case they’re ever questioned. My property managers send me digital photos before they commission repair work.
Scott

I think there are only 2 valuers in town. They’d both be on the panels of most lenders. And they’re probably overworked right now – lots of activity up there.

I’d say the broker in question is probably being pretty conscientious right now.

There was no excuse. He knew the unit number and he knew it was on the 3rd floor, south east corner.

The…[Read more]

Thanks Redwing (and Derek). Always happy to provide information. I’m learning a fair bit about things other than depreciation in visiting this site.

Scott

Apex aren’t cheap, XXX. But they’re good. I think using the cheapest QS you can find makes as much sense as using the cheapest accountant you can find. (And I didn’t really take offence.)

When we talk about commercial property, the size and range of property types is huge – yesterday, I was contacted by someone with a big crayfish farm south of…[Read more]

We had a client audited in April – our first one ever. They called in his Tax Depreciation Schedule and asked him a couple of questions. He sent me an e-mail with the ATO questions. The questions concerned those grey areas that we hate (many of which will be cleared up with the changes coming into play on July 1). I wrote a response that included…[Read more]

Seminar is in NSW, but attendees will no doubt have properties all over the place.

See Tinkerbell, told you there’d be a range of responses.

What works for one tenant won’t necessarily work for another. What works for one investor may not work for another. Same goes for property managers. We’re dealing with people – too many variables.

I’ve always used property managers and they are rewarded as are some tenants. I keep my…[Read more]

Okay Redwing.

I’ll bung something at the bottom of the posts – just wary about appearing to advertise.

You’ll give Deppro a call? Good on you XXX. And to think I spent all that time answering your questions…

There is a company I outsource much of our commercial tax work to (and they in turn send us their residential work). They’re called Apex.

<<edited>>

In the last 6 months, Apex have done commercial schedules for me in WA, SA, Vic, NSW and…[Read more]

Gee, this will be a contentious thread, Tinkerbell – it was last time this issue came up.

Rewarding someone for paying their rent is like rewarding them for what they should do anyway. I don’t know whether this makes sense.

I reward tenants if they go ‘above and beyond the call’. For example, I have a tenant in a block of 6 units that I own. She…[Read more]

4 things:

1. I forgot to mention we give a discount to members of this forum – $660 instead of $715. Just mention ‘Scott said it was okay’ to whoever answers the phone.

2. James, that $300 price from Napiers would be for a unit and they would have been the QS on that building project. For them to generate a report, they wouldn’t have to leave…[Read more]

The short answer is that you can depreciate what you paid for. Commercial depreciation is trickier than residential and your question is a bit confusing, but if I put down a few scenarios maybe one will cover your situation. (Bear in mind there are probably endless scenarios.)

1. You buy a property already fitted out as a cafe = you depreciate…[Read more]