Deprecation report

I'm not on here to drum up business - just trying to help people out where I can (not on all the time). That being said, if anyone wanted to contact me I will always respond to them or refer them to one of our other offices if they are in a different state. People on this forum seem to be happy the with 3 or 4 companies that advertise depreciation a lot so I don't want to upset anyone.
 
People on this forum seem to be happy the with 3 or 4 companies that advertise depreciation a lot so I don't want to upset anyone.

At least chuck your website details in your sig block or about me... you've got just as much right as anyone to earn business through well reasoned posts.
 
I don't want to upset anyone.

:D They are a hardy lot on here, pretty hard to upset. Its fine to be public with who you work for/represent just remember the community benefits when everyone inputs their knowledge on a range of issues, rather than just trying to sell or push their own agenda.
 
I'm not on here to drum up business - just trying to help people out where I can (not on all the time). That being said, if anyone wanted to contact me I will always respond to them or refer them to one of our other offices if they are in a different state. People on this forum seem to be happy the with 3 or 4 companies that advertise depreciation a lot so I don't want to upset anyone.

Contribute your expertise, share your experiences, don't "just" push your service and put a link in your signature is the accepted norm.
 
hi again,

had any one used ACP (Australian Cost Planners) Quantity Surveyor to do your depreciation report?

they promised 3 times the return in the first year and their prices are on par with the others.

any comments or thoughts about them?
 
Obviously I'm a tad biased, but here's a fact: there is not a single QS firm out there that pulls its fee out of a hat and decides to charge that arbitrarily. You need to investigate the differences between a $300 report, a $500 report and a $700 report. And if the people who manage your money (accountant, financial planner) make a suggestion, ask them why and listen to them.

A Quantity Surveyor is a professional like an accountant or a solicitor. A depreciation schedule is an important part of your investment strategy. You get what you pay for.

Yep - I have seen many that only are detailed for 10 years then appear to stop - Requiring the accountant to enter it all into software at a cost. You cant see that cost yet but will later. Some without tax years clearly stated - Requiring me to check which year I'm claiming. Beware of the firm that thinks it can always do one by using your photo's that is cheap. Its a cheap report that will lack detail and thus deductions.

I have to give BMT a pat on the back the customer service and expertise I can access any day is fantastic. Clients don't see it. Ditto Depreciator etc. You wont have probs with the QS that are on SS.
 
I'm with Syba on this one. Quantity Surveyors have been around for a looong time.

Tax depreciation on rental properties - not so long.

So yes, some good Quantity Surveyors can do more than just Tax Depreciation.


Cheers
 
BMT have quoted me $770 for a 471 sqm block, 80 odd sqm living area.

They have also said 'If they cant at least double the fee in deductions (1540) then they will not charge for their services'

Is this a reasonable price considering people are getting 715 for id say much larger places ect

Z6
 
BMT have quoted me $770 for a 471 sqm block, 80 odd sqm living area.

They have also said 'If they cant at least double the fee in deductions (1540) then they will not charge for their services'

Is this a reasonable price considering people are getting 715 for id say much larger places ect

Z6

I won't answer your main question for obvious reasons (as much as I'd love to!) but size isn't as big a factor as people think it is when we quote. The difference in time between inspecting a property of that size versus, say, a 200 m2 house is likely to be 10-15 minutes, tops. The inspection is not where the bulk of the work is in producing a depreciation schedule. Instead, it's the research and time put into valuing the assets that makes up the bulk of the work, and the aim is to push the deductions as high as they can possibly go while playing ball with the ATO.

Think of it this way: it's not going to matter so much whether you have 60 m2 of carpet or 160m2 of carpet in terms of the amount of work we have to do. What matters more working out the value we can put on the carpet per square metre.

For residential properties, size only really comes into play if we're talking about a mansion or, say, a rural property where there might be several other structures.
 
BMT have quoted me $770 for a 471 sqm block, 80 odd sqm living area.

They have also said 'If they cant at least double the fee in deductions (1540) then they will not charge for their services'

Is this a reasonable price considering people are getting 715 for id say much larger places ect

Z6

I paid $770 for a report from BMT last year and will be getting them to do another one this month on my recent purchase. They had great customer service, got the report done quickly and my accountant said their reports make his job a lot easier then the reports some other company's provide. I hope this helps.
 
Just paid $990 for depreciation reports for 3 town houses/units from Depreciator.

Their service looks very complete so $750 for the OP's one report looks expensive.
 
Just paid $990 for depreciation reports for 3 town houses/units from Depreciator.

Their service looks very complete so $750 for the OP's one report looks expensive.

I did the comparison too between these two. The report for BMT is by far superior in terms of the work my accountant has to do. With BMT, you can nominate the start date of your IP, meaning that its not just generic 'year 1, year 2' but exact figures. Apparently it can be exported to several formats compatible with MYOB and other such programs. If you own property as tenants in common, they'll prepare separate schedules with the correct % proportioned to each person). My accountant loved it. And at $110/hr, whatever keeps her happy and requires less work, keeps me happy.
 
Uh, oh. Best nip this one in the bud. Somebody alerted me to it.

Mindmaster, that price for those three townhouses indicates there were construction costs available, or they were identical properties or something like that. We're not the most expensive provider out there, but we will never be the cheapest either. But it's not always about price.

Montoya, our Schedules start on the 'first available to let date'. So the first year is not 'generic' as you put it. the first year is treated pro rata depending on when the property was made available to rent. We have always done it that way.

Our Schedules are available as CSV files that can be imported into accounting software. We've done that for a fair while, so that box is ticked, too.

And we have done split reports forever.

There are probably only a few firms that do the above. We are one of them, so are BMT. Washington Brown would too, I suspect. We get most of our work from accountants because we do the above.

Scott
 
My accountant loved it. And at $110/hr, whatever keeps her happy and requires less work, keeps me happy.

Hi Montoya, My thoughts exactly so when my accountant recommended Depreciator I had no problems signing up for their schedule.

Uh, oh. Best nip this one in the bud. Somebody alerted me to it.

Mindmaster, that price for those three townhouses indicates there were construction costs available, or they were identical properties or something like that. We're not the most expensive provider out there, but we will never be the cheapest either. But it's not always about price.

Hi Scott, The development was just finished so construction costs are available.
 
Yep, that explains the fee. If the actual construction costs are available, they must be used. And using them saves work and results in a lower fee. All providers would do this.
 
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