Is getting a depreciation report necessary when lodging tax
deducation claim against rental income?
Q.
I read an answer to a question re tax deduction claims against
rental income, the answer states "get a depreciation report from a
quantity surveyor". Why would that be necessary? Is that in
relation to the building or the furniture and fittings?
A.
There are a huge range of tax deductions available when you buy
a rental property. These include building allowance in many cases
and depreciation on hundred's of items that can even include the
motors on your garage doors and the timing devices on gardening
water installations. For a once only fee of about $550 tax
deductible a quantity surveyor will access the entire property and
almost certainly find items that you would never think to include
if you were doing it yourself. The schedule prepared also saves
considerably in accounting fees.