A Quantity Surveyors Report (for depreciation purposes) is used by investors to claim maximum tax deductions for the depreciation of their investment property.
Within the property industry, a quantity surveyors report is also known as:
- Capital Allowance and Tax Depreciation Schedule; or
- Depreciation Schedule/Report.
Prepared by a quantity surveyor, the report clearly details the annual deductions available to an investor for the depreciation of their investment property.
Looking to purchase a Quantity Surveyor Report?
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.
Checklist for buying a Quantity Surveyor 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;
- 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.
If you would like to receive an obligation free quote, complete our online ‘Get a Free Quote‘ form. We will also include an estimate of the available residential depreciation deductions you are entitled to claim in the first full financial year.
