All Topics / Legal & Accounting / Depreciation Schedule – Self Inspect
Hi,
Has anyone used the Self Inspect Depreciation Schedule advertised by Property Returns? see Link below. If so, what were your expereiences. What a re the risks of using a firm that uses photographs , pictures, against a person visiting the property?
I have had quotes as high as $800 in Victoria – which seems a littel steep for a IP Apartment just completed.
I have two brand new IPs and I need scedules done, and from what I gather (and I apologise to any surveyors etc..) from what I have seen (form examples off the internet) it is fairly straight forward schedule/calculation over time provided you have fully identified all the elements that comprise the make up of the IP. (Building – Plant – Equipment).
Any info appreciated
http://www.propertyreturns.com.au/self-inspect.php
Self Inspect (ATO self assessment) Self Inspected $220 Inc GST
Under the ATO's self assessment system changes were introduced to give tax payers greater equity and fairness, increased certainty and simplicity. These changes allowed claims to made by the tax payer to be accepted by the tax office, usually without adjustment.
Property Returns through its self inspection system can easily assist you in analysing your investment property and generating your own Tax Depreciation Report, simply and easily.
Download the relevant forms which will assist and guide you through the complete process to complete your self inspected Tax Depreciation Schedule.
If you are buying OTP or newly completed apartments, put it back on the vendor to provide these schedules as they m ayhave prepared a generic one for the complex already and individual ones for investors.
Hi
I have strong views on this topic. You can’t “self assess” the construction costs and it’s not supported by our Institute.
http://www.washingtonbrown.com.au/tax-depreciation-tips#tip6
Further – read Tip 11 here:
http://www.washingtonbrown.com.au/quantity-surveyor-corner
You now need to make sure anyone you are dealing with is a Registered Tax Agent here:
http://www.tpb.gov.au/tpb/agent_register.aspx
Regards
As Tyron says, this practice is not supported by the AIQS and not recommended.
Funnily enough I have the same stong views!
Low and behond that firm's website shows an AIQS logo. That is a separate issue.
Thanks guys,
Thats the problem, the website has the AIQS and I checked their ABN and they are a registered Tax Agent… so it makes it difficult to know how much risk is involved in using their services. I have emailed them to ascertain how they approach self inspection for my curiousity.
Tim
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