All Topics / The Treasure Chest / Tax Depreciation Schedules

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  • Profile photo of B.DerosB.Deros
    Participant
    @b.deros
    Join Date: 2003
    Post Count: 34
    May 2, 2003 - 7:48 am

    Hi,
    Can anyone offer any advice about what to look for in a tax depreciation schedule? There are a large number of companies providing this service and it would be good to be able to differentiate them a little.
    cheers,
    Ben

    Profile photo of OPMOPM
    Member
    @opm
    Join Date: 2003
    Post Count: 110
    May 2, 2003 - 3:53 pm

    Make sure the schedule is done by a qualified quantity surveyor as i’ve heard some ATO audits have knocked back DIY schedules and those done by people who weren’t qualified.

    Also make sure they actually come to visit the property as i’ve heard some won’t and also that their schedules are for 40 years and not 10 years.

    Make sure the QS that you use is also familiar with the ATO v Woodward case where the ATO ruled to disallow a whole lot of things that were previously claimed as depreciable such as swimming pools.

    DEPpro (National), Baglin Partners (Melbourne) and BMT (East coast) are all reputable firms and will charge about $450 for a schedule.

    Profile photo of B.DerosB.Deros
    Participant
    @b.deros
    Join Date: 2003
    Post Count: 34
    May 3, 2003 - 2:15 am

    Thanks Quentin,
    I have chatted to deppro already and they sounded quite good. I’ll mention the Woodward case and see how on the ball they are ;)
    Ben

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