Understanding The Services Of A Quantity Surveyor Services
Firstly, it is amazing how many property investors do not realise how having a professional Tax Depreciation Schedule can save them money. A tax depreciation report is lodged with the ATO and shows them the value of the property, any additional assets that have been added to the property in the past tax year, and what depreciation allowance is due to the owner.
Not only is there a depreciation due, but if the owner has not lodged a Tax Depreciation Schedule on the property before, it can be back dated for two years. This can lead to a substantial amount of money being returned.
Secondly, other Quantity Surveying Services available are to provide building cost estimates, construction contract consulting and management, feasibility reports and other reports that may be applicable to various situations.
Thirdly, Insurance Replacement Reports which are very important in the case of property damage. A Replacement Report will provide an estimate of a full construction cost to rebuild to a similar standard when the property is damaged due to flood, fire or any natural disaster. Having such a report done will give the true value of bringing a property back to its former standard after damage. Most properties, whether it be prime residents or investments, are grossly underinsured.
Property Investment Wise with Tracey Lunniss
TSL Pty Ltd, the company run by Tracey Lunniss, Chartered Quantity Surveyor does offer discount prices when several services are commissioned together. For this reason it is worth talking over your personal property situation and there may be a chance to save several hundred dollars by getting your Tax Depreciation Schedule and an Insurance Replacement Report done at the same time
Filed Under: Quantity Surveyor • Tax Tips • Tracey Lunniss
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