It’s that time of the year and now that you are a property owner, you have realised that you could actually file for deductions in form of tax depreciation. But how do you go about this? Well, you will need to have a quantity surveyor by your side. Most people think that this is something that accountants should do but what most fail to realise is that accountants do not necessarily have the surveying skills to value construction costs and other areas that could qualify for deductions. They also may not be able to compile a great tax depreciation schedule. That said, you are in luck since the Australian Taxation Office actually recognises quantity surveyors when it comes to matters of tax depreciation schedules. However, not all quantity surveyors specialise in these claims and you need to find yourself a surveyor that can actually draft an ATO compliant schedule.
So why is a quantity surveyor so important? Well, the reasons are many. To begin with, quantity surveyors are able to prepare construction cost estimates even when the original costs and renovation documents of the previous owner are unavailable. Quaintly surveyors are experts in the valuation department making them the most qualified to prepare the tax depreciation schedule in Melbourne. The ATO actually trustquantity surveyors reports even with the absence of documents from the previous building’s owner. One valuation report is quite detailed and tends to have a lot of information. It is in fact a couple of pages long and this isn’t ideally something that average person would be able to prepare. The quantity surveyor therefore does all thehard work so you do not have to personally inspect the property or take photographs to back your claim should need arise.
One of the most important things you should consider when looking for a quantity surveyor is that they are members of the AIQS or the AustralianInstitute ofQuantity Surveyors.