Tax Depreciation and Quantity Surveyor FAQs
Q. What is a Quantity Surveyor?
A. A Quantity Surveyor is an independent professional consultant to the property and construction industries, offering advice to investors, builders, developers, financiers and private clients.
Q. How much does a Tax Depreciation Schedule cost?
A. The cost associated with preparation of a Tax Depreciation Schedule varies from firm to firm. Generally, firms charge depending on the level of resources required to produce the reports, the degree of expertise in the area, location of the property and the depth of analysis required. Some firms are notorious for hefty fees and whilst the cost associated with the preparation of a Tax Depreciation Schedule are fully tax deductible; you should obtain several fee proposals prior to the engagement of a firm.
Q. Besides cost, what other factors should I consider before engaging a Quantity Surveyor?
A. Cost should not be the only factor considered when engaging a Quantity Surveyor. Other factors such as on-going service should also be considered. Your Quantity Surveyors’ fee should also include services such as answering all queries relating to the schedules from yourself, your accountant or the Australian Taxation Office (ATO). It should also include minor updates to the reports over a period of not less than 10 years, pending that there are no “significant” changes to taxation laws or to the structural fabric of the depreciable property in question
Post by Guest Writer David Maynard – CEO of My Tax Zone
Filed Under: Quantity Surveyor • Tax Tips
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