Hey Guys and Gals,
I have 2 IP properties, the 2nd one we lived in, did up, raised value and then moved on to 3rd property. Anyway, its only been 11 months since we’ve been in the new place… but i forgot to get a Depreciation schedule.
My 1st IP, someone recommended DEPPRO and i guess, after $450 bucks and two weeks, they werent bad and delivered a report to my account. Now i’ve just done a search on the web and seeing some mobs doing these for half that price!
now i know you get what you pay for… but just wondering if anyone has any advice on Depreciation Schedules, what i should be paying… weather i need a full inspection, or non inspection (this seems to fluctuate the prices) and ideally, if someone can recommend a group, preferably Melbourne based… but anything will do!
I’d be happy to use DEPPRO again, just seeing if i i can get the same for cheaper?
Thanks Guys
Hi energy4anarchy
We've used BMT in the past and paid quite a bit more than DEPPRO's $450. Thanks for the tip
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
energy4anarchy wrote:Hey Guys and Gals, I have 2 IP properties, the 2nd one we lived in, did up, raised value and then moved on to 3rd property. Anyway, its only been 11 months since we've been in the new place… but i forgot to get a Depreciation schedule. My 1st IP, someone recommended DEPPRO and i guess, after $450 bucks and two weeks, they werent bad and delivered a report to my account. Now i've just done a search on the web and seeing some mobs doing these for half that price! now i know you get what you pay for… but just wondering if anyone has any advice on Depreciation Schedules, what i should be paying… weather i need a full inspection, or non inspection (this seems to fluctuate the prices) and ideally, if someone can recommend a group, preferably Melbourne based… but anything will do! I'd be happy to use DEPPRO again, just seeing if i i can get the same for cheaper? Thanks Guysare the mobs as good as DEPPRO?
Care to share the mobs? I am about to get DEPPRO to conduct an inspection for my Townhouse too. They quoted $599.50.
Btw, any good reasonable Depreciators in Brisbane to recommend?
Cheers
NitHi Guys,
Has anyone tried a online depreciation service? I would be keen to know if you were happy with the process and result at a lot less than $450
regards
GeorgeHi Guys,
Okay, question above in particular… but i’ve also spent some time talking with some people on the phone! I’ve called a few depreciation business and gotten different feedback. As a “layman” and an investor who is keen on getting the most bang for my buck, but also one who is not going to drive himself crazy shopping for the best price and service etc, dealing with people after people etc… i’m happy to report why i found!
Okay – the basic fees come down to this. A full inspection, the company sends some guy out to your IP, they check it over, make sure they include things you might have forgotten etc… and thoroughly go over what they think you can depreciate. So, you pay for basically a guys wages/fuel/time to head out there… and do the things that YOU could probably do if you’ve kept receipts etc yourself.
For me, i spoke with someone and she explained that this is used for those who may not have the time to figure it all out/fill it out, or IP interstate etc…
She advised me… as a simple guy with a couple of IP’s… that if i take my time, do my best to calculate my expenses, fill in the online form (which is very thorough mind you) that it would be more than enough to get a really good depreciation schedule.
She went on to explain that the cost is broken down to these guys being on the web, offering a “full inspection” for $450 bucks or whatever, but for those who don’t need that… the cheaper one is fine!!!
Commenrs?
Energy4anarchy,
The reason I would like to know is that I am a QS with a online depreciation company and a full service(including inspection) company The online depreciation compay is limping along while the full service company is booming! I thought it would be the other way around. I would really like some feedback from someone who has used an online service
kind regards
GeorgeHi George, First off – my spelling/typing is really bad! I'm sitting here with laptop on knees and rather would reply quickly, than thoroughly so excuse my prose. I can confirm – i have just filled in an online depreciation form with corpred, "silver" ($229 plus GST) after having a great call with a very friendly, polite, woman who called me back after placing an online enquiry! She explained to me… on the net, if you know what your doing and its very simple (Ie: have an idea of the year of build, your stamp duty, your approx costs on reno's etc) – that the online is the way to go!!! She also explained, without talking it down, that a "Full" inspection is also good… but you pay for someone to head out and their time. Its more intended for those who want to be very, very, very thorough, or those that don't have the time, or are perhaps interstate from their IP. But with that said, she also wanted me to know that your not comprimising by going online. Its not like one is better than the other… one is just for those to do online, quick and with an idea of the process (its simple guys believe me) and the other is for your "Mum and Dad" type investors who want "someone else to worry about it". I used deppro 5 years ago. They were fine, $450 bucks later i got my report sent to my account. 5 years has gone and the internet is a different place. Today, i filled it out online and paid half the price but with a differnt company. When its time, it will be sent over to me as a PDF, full color and with all the info my accountant will need! I'm happy at this stage and happy to share more info. PS: Deppro got back to me too… i emailed them again and they've gone from $450 in 2007 to now $595 for their reports??? I just paid $229 for mine
Anyone tried
http://www.austtaxonline.com.au/contact-us/
quoted for $495, $104 cheaper than DEPPRO.
But i dont mind paying a bit more for a better depreciator
energy4anarchy,
For years I avoided starting an online depreciation company, believing that the time and cost of an inspection more than covered the cost( and still do), in actual fact I guarantee it!!! However I sucummbed to this when a friend of mine who lives in bendigo told of the difficulties they had in obtaining a depreciation quote, never mind the report. The more I looked at the concept, the more it made sense, the only problem being the cost to market it nationaly Remind me to buy shares in Google!!!
By the way my full service fee is more than depro at $550 and my the online service is $275
kind regards
Georgeenergy4anarchy.
Please let me know in due course, if you were happy with the process and resulting schedule.
kind regards
GeorgeGeorge,
I agree and while i work in a completly different field… someone’s inidividual time should be well compensated. Charging more than $550 bucks for you to put your suit on, fuel up your vehicle, drive 100kms there and back, knock on a tenants door, come back, do the paperwork and so on… hell yeah, you deserve the money! Unfortuantly people keep undervaluing what someones time is actually worth.The thing is though – what can be done quickly, painlessly, and throughouly online, should be cheap. Each party should make X amount of dollars. For example… if you want to make $300 for each report, but it costs you $300 for your time/effort and sake of it… charge me $600 hundred. If online you do nothing and its half the work, well charge me half… $300… whatever, online or offline, if you’re worth $300 than so be it…
Get my drift.
The internet companies using this aren’t their to ruin the everday working man like yourself. their out there to simplify what has always been a pretty easy process.
The thing is… in my opinion. There will be companies out there… charging $600 bucks a schedule, but doing the same work as the online company… and this is where it becomes unfair. That’s why… i’m all for doing this, online or offline!
Some things we can do our selves, others we cant. simple as that… but we don’t need to be ripped off for not knowing the advantages of one or the other!
Anyway, i’m going off on a tangent… if you honestly, fairly think that your $600 service is worht that… than it is. But, you get what you pay for… and i paid for $229 service as i did and i’ll probably get $229 worht
JR
Well, if you claim $80,000 for a kitchen renovation… when you live in a suburb with median prices of $80k for houses… than obviously! You pay not just to fill it yourself Birchcorp… but you pay to fill it in, than have it perused by someone who compiles the information!
What would you rather… pay a company $1k because they ‘say’ they are going to inspect your property. Then they drive down to your place, toot the horn twice, than head back to the office! I have satisfaction knowing i did this myself with my input, than relying on a complete stranger who “may” do the job for me
( mind you – i’m suggesting that a company might say something and do the other… not neccessarily my expirience… but we all know that sometimes it happens)
You have lost me?
I was simply stating that a depreciation schedule does not have to be completed by a professional (nil cost to you if you are capable). Just like your taxes…….
Ok..
Sorry – i thought you were indicating “Do it Yourself….Fudge the numbers”…
But yes… you’re right! These guys offer a “we’ll do something you could do yourself service” at what they think is a fair fee!
Lets reiterate as this thread is all over the place.
2007 i used Deppro for $450 bucks (now $595) – posted report to my Accountant
2010 i used Copred for $229 – will send me a PDF reportSame service, different company… different price!
Deppro asked me all the questions the “online” form did. I just clicked boxes through a very thorough “online form”.
Without having received my report just yet… nor having paid for it just yet either as its submitted and being processed…. right now, completing myself and saving $350 bucks… i’m content
JR
energy4anarch,
Disagree there, they are, in my companies at least, very different services at fees that refect the input made by myself
The sole reason why I continue with my full service company is that the inspection of a property leads to extra tax deductions that an average owner would not know about
You are right about getting what you pay for. I really do hope you are happy with your result and would love to hear from you in due course
kind regards
GeorgeFor anyone who may be interested see this article http://www.aaaonlinepds.com.au click on " WHEN IS AQS REPORT NOT A QS REPORT"
Investabit,
The tough part about small business without the grand marketing is convincing the public you are worth the dollar spent. For what it is worth, anyone who puts their name on the line, as you have, clearly shows pride in their work. From my point of view you are placing yourself in the public domain and are standing up to compare your qualities with anyone who comes forward. I hope business is well for you…..
thanks, number 8
Here Here Birchcorp (re: Investabit)
People should be proud of the service the provide and how its priced accordingly!
It’s a shame that so many proffesionals (dare i even say proffessionals) – over charge for services that they shouldn’t.
For example – this whole thing came up about having someone do this (full report), compared to doing it yourself (online) and even further, doing all the depreciation yourself (free).
The thing is – like mechanics, builders and so many out there… people rip you off! Unfortuantly i think this is one of those areas susceptible to it
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