Quantity Surveyors Are Used By Property Investors
Quantity Surveyors are what experienced property investors think of when they need Tax Depreciation Schedules. That’s why some people call a Tax Depreciation Schedule a ‘quantity surveyor report’.
So what is a Quantity Surveyor?
As the name suggests, Quantity Surveyors are people who look at ‘quantities’. When a property investor has a set of plans for a yet to be constructed building, a Quantity Surveyor can estimate what the construction cost of that investment property based on the quantities of various materials.
Quantity Surveyors are Qualified to Produce Tax Depreciation Schedules
What Quantity Surveyors can also do is estimate what an already constructed building cost to build when it was built. And this is often the starting point for a Depreciation Schedule. Quantity Surveyors are university trained – they usually have a degree in Construction Management. The ATO recognises that Quantity Surveyors are the most qualified professionals to produce Tax Depreciation Schedules for Investment Properties.
Quantity Surveyors Determine Depreciation for Building and Assets
A typical job for us is one where a Quantity Surveyor is sent to an investment property and they need to calculate the construction cost of the property and value the Assets i.e. appliances, floor coverings, etc – more about them soon.
Depending on when the rental property was built, a building will depreciate at either 4% or 2.5% per year. (If it is too old, there will be no depreciation in the building itself, but there will still be some in the Assets.)
Having estimated the construction cost of the building, the Quantity Surveyor will turn their attention to the Assets. They will estimate the current value of the kitchen appliances, floor coverings, hot water unit, air con units, and other items. They all depreciate more quickly than the building itself. The Quantity Surveyor will submit the figures and our system generates your Depreciation Schedule. This document sets out how much depreciation you can claim for the next 40 years.
The Hardest Working Quantity Surveyors Work for Depreciator
Our Quantity Surveyors actually visit investment properties rather than rely on photos and a checklist provided by a so-called property inspector. It’s an industry leading practice that we insist on. Why? The most important reason is that gives us the best chance of providing you the absolute maximum possible claimable deductions. It also makes us more responsive by having fewer people involved in the process. It allows you to rest easy knowing the Depreciation you’re claiming was produced by qualified experts.
It’s your Depreciation Schedule for your tax return. Don’t take risks with people who take short cuts. To find out how Depreciator represents genuine value, call us NOW on 1300 66 00 33 or email us at info@depreciator.com.au.
