WRC Quantity Surveying

South East Queensland’s specialist Quantity Surveyors for Tax Depreciation

January 20, 2021

Why it’s essential to get your Investment Property inspected [and by whom]

Founder of WRCQS

Who inspects your investment property is as important as who does your tax returns

Everyone wants to save money [Including how much you pay for your tax depreciation report]

But…the very worst thing you can do to yourself – tax wise – is to cut corners on your Quantity Surveyors Report.

So a site inspection is vital…

Without it, you are guaranteed to miss out on your tax deduction entitlements. Money you would have otherwise claimed back from the ATO [had a site inspection been done].

That’s because a trained Quantity Surveyor can spot deductions no one else can.

Sneaky things like perimeter slab drilling for termite protection. Or underpinning.

…And especially discreet extensions.

But a ‘hired hand’ aka non-qualified inspector simply doesn’t see a lot of your tax deduction entitlements.

Meaning, you pay more tax that you ought to

What’s involved

A qs will arrange a property inspection via your property manager – or you – if self-managed.

When onsite, they’ll go through the house room-by-room. Documenting everything that is not tenant owned.

This includes the condition of the paint, fixtures and fittings. Plus, any renovations, additions or repairs are also recorded.

Outside, they’ll measure the floor area of the house, any outbuildings and sheds.

Look for – and – document, repairs, renovations, termite barriers, fencing, retaining walls, clothes lines, swimming pools and so on.

This info will be used to calculate the yearly tax deduction entitlements you can access from the ATO.

What they won’t do…

The qs won’t get inside the roof space or on the roof. They will eyeball it from the ground and ask you any questions they may have about what they see.

The older a property is – the more essential an inspection becomes

New houses don’t hold many surprises for us. While older houses are full of little [sometimes big] renovations and repairs.

The older they are the more work has been done. And almost every house I’ve ever inspected had $40,000+ worth of deductions waiting to be claimed. Most have in excess of $135,000.

How to avoid getting a site inspection and still maximise deductions

Earlier I said a site inspection is vital. It is. except for when it’s not.

If your property is brand spanking new – you have a copy of the plans – you have a copy of the inclusions – and – you have the construction contract sum. Then, you don’t have to have an inspection done. It is possible to do it ‘off the plan’.

Stay on the good side of the ATO

We’ve been inspecting Investment properties all over Australia for 27 years. Because of our due diligence and thorough record keeping, our reports have never failed the blow torch scrutiny of the ATO.

P.S. Getting your property inspected by one of our trained Quantity Surveyors will ensure you are maximising your tax deductions. This year and every year.

Get someone else to do your report and all bets are off.

To your prosperity!

William Callaghan
A.I.Q.S. (Affl)

Get in touch at info@wrcqs.com.au


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