Quantity surveyor | 2023 Gotax

Do you need a quantity Surveyor for your rental property

Do you need a quantity surveyor for your rental property?, the answer is generally yes.  They will provide you with an extensive list of all the things you can claim.

As a property investor, you’re probably aware that tax depreciation can be a valuable tool for reducing your taxable income and increasing your cash flow. But did you know that engaging a quantity surveyor can help you maximise your tax deductions and avoid costly mistakes? Here are some of the benefits of working with a quantity surveyor for tax depreciation purposes:

Expert rental knowledge and experience:

Quantity surveyors are experts in construction costs, building materials, and property depreciation. They can identify and value all the depreciable assets in your investment property, including structural elements, fixtures, and fittings. They can also advise you on the most effective depreciation method for your property, whether it’s the diminishing value or prime cost method.

Accurate and compliant rental reports:

A quantity surveyor can provide you with a detailed and accurate tax depreciation schedule that complies with the latest ATO guidelines. This will help you claim the maximum allowable deductions and avoid any potential compliance issues.

Cost-effective rental solutions:

Engaging a quantity surveyor may seem like an additional expense, but it can actually save you money in the long run. Working with a quantity surveyor can give you peace of mind knowing that your tax depreciation schedule is accurate, compliant, and optimised for your property. This can help you avoid the stress and uncertainty of navigating the complex tax laws and regulations on your own.

A quantity surveyor would start by conducting a site inspection of the property to identify and value all the depreciable assets, including structural elements, fixtures, and fittings. They would then use their expert knowledge of construction costs, building materials, and property depreciation to create a detailed and accurate tax depreciation schedule that complies with the latest ATO guidelines. This schedule would list all the depreciable assets in the property, their effective life, and the amount of depreciation that can be claimed each year.

More on rental deductions    And Let's not forget about Gotax, Australia's best place to get your rental return done.