Gday again
we just recently obtained another IPa nd am just wondering should we/when should we obtain a quantity surveyors report to maximise the depreciation we can claim on the property. We as yet haven’t obtained any reports for 2 other IP’s we obtained in this financial year, mainly because of a lack of knowledge about them
thank youHi Stingray,
You can get the QS report done at anytime – certainly in the first four years of ownership so you have time to review your past tax returns if you so desire.
As to whether or not you get and use one that is ultimately your call – I certainly would.
Derek
I always get one done too. I usually do it after settlement and before I do anything to the place as I have receipts for anything I’ve done anyway. Time doesn’t really matter though, but I’ve just found that to be the “least confusing” time to do it.
Originally posted by PurpleKiss:I always get one done too. I usually do it after settlement and before I do anything to the place as I have receipts for anything I’ve done anyway. Time doesn’t really matter though, but I’ve just found that to be the “least confusing” time to do it.
Agreed! but I would do it ASAP before financial year because then I can do the claim during my tax return process with my accountant!
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]
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