All Topics / Help Needed! / Should I seek a quantity surveyor 4 years later?

Viewing 20 posts - 1 through 20 (of 21 total)
  • Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    Hi all,
    I currently have 2 IP’s and when I first bought them I did a rough listing of things that I can depreciate on (curtains, carpet, etc). I’m just wondering if I’ve missed some deductions and is it too late to get a quantity surveyor to go over both properties and add any deductions I may have missed out on? I know this is a broad question to ask. I’m just concerned as I gave my accountant a list of things to be deducted and he didn’t ask me or tell me what I can/should be deducting. I’m not blaming my accountant, but now I’m a little more due dilligent, I’m wondering if I should still have a quantity surveyor go over both properties again. I’ve held them both for 4 years now and I didn’t purchase them new. One is a 1 bed flat, the other is a 3 bedroom house.
    Many thanks for any replies.
    Kind regards,
    Gatsby.

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi Gatsby,

    You are entitled to amend your last four tax returns and as such I would suggest that it would be worth your while – subject to age and nature of the property.

    I would be very surprised if your accountant included a depreciable allowance for buildings which means you could be doing yourself out of 2.5% of construction cost/40 years or the remaining depreciable life of the property.

    Definitely worth a call to Depreciator.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Absolutely.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    Dear Derek and Mortgage Hunter,
    many thanks for your advice. Also thanks Derek with the advice re: last four years!
    Reagards,
    Gatsby!

    Profile photo of kpkp
    Member
    @kp
    Join Date: 2004
    Post Count: 509

    Hey GAtsby,
    A workmate of mine was just saying this morning that a QS will not touch his property as he has had it rented out for 4 yrs and did not get the survey done. According to him, they will only do one on a newly purchased (settled) property.
    Something to do with an ATO crackdown. He thought maybe they were coming under pressure from the ATO with their reports.Could be misinformation, but I am sure a good QS will set you straight !!
    CHeers, KP

    Profile photo of depreciatordepreciator
    Member
    @depreciator
    Join Date: 2003
    Post Count: 541

    Hi KP,
    I’ve heard there are some QSs who only touch newly settled properties. Not sure why. It’s nothing to do with any sort of ATO crackdown. Many of the Schedules we do these days are backdated up to 4 years.

    Gatsby, to take Derek’s point, if the buildings were constructed post July 85 and you haven’t claimed anything on the construction, it’s definitely worth talking to a QS. If they’re older properties, though, and you have been claiming some depreciation on assets chances are it won’t be worth the cost of you getting a Schedule done to claim what you’ve been missing out on.

    Best idea is to give me a call Tuesday and we’ll have a chat about it. I’ll be able to tell you whether it’s worth your while getting a Schedule done. Would you be able to send me information on what you’ve been claiming?

    [email protected] 1300 660033

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi Mortgage Advisor,

    Depreciator has an office in Perth.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi MA,

    Yes – do a search on Depreciators posts and you’ll find it there somewhere. Sorry can’t help anymore.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of depreciatordepreciator
    Member
    @depreciator
    Join Date: 2003
    Post Count: 541

    Hi Mortgage Adviser,
    Head Office is Sydney. I’ve Quantity Surveyors on the ground in Perth (and every capital city + regional areas). 1300 660033 is a local call from anywhere in the state. There are 4 guys at Head Office who just man the phones and keep track of jobs. I’ve got someone else who manages the QSs. Ask to get put through to me.
    Regular price is $715 GST inc. Forum member price is $660 GST inc. Plus travel if it’s an out of the way place. Can you get cheaper Schedules? Yep. Will they conform to the latest rules? Maybe.

    Scott

    Profile photo of MyydralMyydral
    Member
    @myydral
    Join Date: 2003
    Post Count: 259

    Depreciator – how about Alice Springs? :)

    “Looking forward to the day when I can tell the boss where to go”

    Profile photo of JetDollarsJetDollars
    Participant
    @jetdollars
    Join Date: 2003
    Post Count: 2,435

    In the future if I buy more IPs I will definately looking for Depreciator (Scott). He is very helpful.

    Thanks Scott for your help.

    Kind regards

    Jet Dollars
    [Retire Young, Retire Rich] [strum]

    Profile photo of depreciatordepreciator
    Member
    @depreciator
    Join Date: 2003
    Post Count: 541

    Hi Myydral,
    Alice Springs is of course one of those tricky ones. I had a QS for a while who worked in both Darwin and Adelaide, so he was able to stop off in Alice Springs occasionally. He’s now based in Adelaide. There is a QS I’ve used in Darwin, but it would cost too much to send him to Alice.

    There are solutions, though. It depends on the property. I had a long chat with Chan on Friday about his requirements. There are things you can do without spending money on a QS.

    Give me a call next week and I may be able to help you.

    Scott

    Profile photo of MyydralMyydral
    Member
    @myydral
    Join Date: 2003
    Post Count: 259

    Cheers, might do just that.
    :)

    “Looking forward to the day when I can tell the boss where to go”

    Profile photo of FluffyFluffy
    Member
    @fluffy
    Join Date: 2004
    Post Count: 35

    Hi Gatsby,

    I usually get my IP’s QS when I settle but they have never been new properties. My parents own an IP and they only got a depreciation schedule done 2 years after original purchase.

    I am not an expert in this area however I recommend you contact “Depreciator” on this site as he has helped me immensely. He is very knowledgable in this area and obviously has to keep up to date with what Tax office requirements are. I’m sure he will sort things out for you or at least point you in the right direction.

    P.S. Thanks Depreciator for all your help – greatly appreciated!
    [biggrin]

    Cheers
    Fluffy :-)

    Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    Thanks Flufffy,
    I will get in touch with the Depreciator. I just read in this month’s API mag that you can back date QS’ reports 4 years in arrears.
    Cheers,
    Gatsby!

    Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    Thanks Flufffy,
    I will get in touch with the Depreciator. I just read in this month’s API mag that you can back date QS’ reports 4 years in arrears.
    Cheers,
    Gatsby!

    Profile photo of KnucklesKnuckles
    Member
    @knuckles
    Join Date: 2004
    Post Count: 11

    Hi knuckles here

    Pardon my ignorance but what does a QS do and is it applicable to + cash flow property?

    SRCurley

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    QS is a quantity surveyor.

    They draw up a depreciation schedule which may give you additional taxation benefits. It is applicable to all properties however the younger the better.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of KnucklesKnuckles
    Member
    @knuckles
    Join Date: 2004
    Post Count: 11

    So I now know what a QS is.

    With a positivly geared property you can depreciate everything exept the building or am i incorrect.I always thought that you couldn’t get these tax benefits from + CF prop.

    Maybe i shouldn’t think so much?

    Cheers

    SRCurley

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Well even if you have a pos geared property it will reduce the amount of tax you need to pay.

    There are many items that might be depreciated depending on the age, from carpets to aircon and curtains.

    I recommend you phone a QS and see what they think.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Viewing 20 posts - 1 through 20 (of 21 total)

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