What is a quantity surveyors report?

A Quantity Surveyors Report (also known as a Capital Allowance and Tax Depreciation Schedule or Depreciation Schedule/Report) is a document, typically prepared by a professional Quantity Surveyor, that clearly reports in detail the deductions available to an investor for the depreciation of their investment property. (What is depreciation/tax depreciation?)

If you are looking to purchase a Quantity Surveyors Report for your investment property, below is a useful checklist you can use to help ensure your report will be ATO compliant and maximise the deductions available to you.

How to ensure you are purchasing the best Quantity Surveyors Report:

  • Ensure your Quantity Surveyor is a registered Tax Agent - registered with the Taxation Practitioner Board of Australia;
  • Use a specialist provider - calculating and reporting Capital Allowances and Tax Depreciation is not a core business for many Quantity Surveyors. A specialist will be up-to-date with the most relevant legislation and have the most experience in interpreting legislation and tax rulings to maximise the claims for your particular scenario;
  • Ensure your report includes the following:
    • Deductions reported and forecasted for the full effective life of the property (40 years);
      Both Division 43 and Division 40 assets inspected, assessed and reported;
    • Deductions calculated and reported using both Diminishing Value and Prime-Cost methods - so you can apply the most appropriate method to your scenario;
    • Calculations and reporting for scrapping/disposal of assets;
    • Pooling of low-cost and low-value assets each year.

It is a great idea to request a sample report and ensure your report is easy to read and understand - or your accountant may have to re-work the results at your cost!

A Capital Claims Tax Depreciation Report meets all of the above, plus, we offer a free desk-top feasibility assessment of your property first, so you can have a professional and reliable assessment performed up-front to ensure that our report will be worthwhile and valuable to you.

Click here to receive an obligation free quote.

To find out what deductions you might be entitled to for depreciating your investment property click here.