5 Reasons Why Investors Need A Quantity Surveyor to Assess Tax Depreciation
Many investors are not aware that Tax Depreciation exists, and many of those who know about it are wondering why their accountants cannot work on their tax deductions. The Australian Taxation Office (ATO) entitles income-earning property investments or ownerships to claim subtractions for their taxable income. It’s up to investors how to maximize and do it in a right way -- and that is by working with Quantity Surveyors.
It is very essential that you, as an investor, find a trusted and excellent Quantity Surveyor to assist you in understanding depreciation and claiming your tax deductions. Now, if you’re still thinking about it and asking inside your head why you need one, below are 5 important reasons. Take a look, and see why it is indispensable to have a Quantity Surveyor working alongside with you for Tax Depreciation.
#1: PROFESSIONAL AUTHORIZATION
First of all, for a very critical financial matter, you need a reliable and authorized expert/s to assist you. It will be very problematic and risky if you do not let your financial concerns be handled by those who are supposed to handle them.
Quantity Surveyors are the people perfectly fitting to work on your Tax Depreciation needs because they are professionals with passing qualifications and degree in Construction Management. Quantity Surveyors attained proper and enough expertise and recognition that concentrates in Quantity Surveying to be put in the position. They underwent established and legal training to be part of the industry. They are also called Construction Economists, Building Economists or Cost Managers.
The ATO recognizes their qualifications to be specialists in Quantity Surveying, dealing with Tax Depreciation affairs.
#2: VITAL SKILLS WITH VITAL ROLES
Since Quantity Surveyors are the only ones who are educated and trained about this job, it is sure that they have necessary, peerless skills for their role. Basically, measuring buildings and monitoring and estimating construction costs are part of their job. They do it by depending on plans and specifications to ascertain costs. The range of their approximation begins from the viability stage through to the conclusion of the construction.
Unlike accountants who cannot calculate construction costs, Quantity Surveyors have the suitable and relevant construction costing skills for tax depreciation. The role of Quantity Surveyors are definitely gold! You get huge advantages from them concerning Tax Depreciation for your investment because they’re made for this!
#3: KNOWLEDGE OF LEGISLATION
Quantity Surveying necessitates solid and fundamental knowledge regarding the law and its specialities to respond and act upon the needs of clients. Knowledge of the legislation is surely a critical qualification [and also skill] that Quantity Surveyors have as their expertise advances.
With Quantity Surveyors, you will be informed of several contractual methods. They know how the law works on Tax Depreciation and vice versa, thus, you have the chance to secure the maximum depreciation deductions obtainable. You will be worry-free because Quantity Surveyors are knowledgeable and skillful, with significant education and training on matters of the law. As the Quantity Surveyors know how to do things lawfully, you’re in good hands.
#4: ON-SITE INSPECTION SKILLS
Quantity Surveyors are eligible to conduct on-site inspection of your property. The age and value of the properties play a big role. During their inspection, they can jot down notes and take photos of assets they encounter. You should not skip on-site inspection because it is absolutely crucially impactful to determine the amount of deductions you can claim.
Along with this responsibility, Quantity Surveyors contact and communicate with people who are relevant to the concern. It is indubitably helpful as well that the expert who works on the Tax Depreciation proper is also the one who gets in touch with the people involved. A direct communication would be better and would lessen the chances and hassle of misunderstandings and conflicts of having too many heads involved.
#5: TAX DEPRECIATION SCHEDULE
For you to claim benefits for depreciation, you need a Tax Depreciation Schedule. It is a report that specifically lists all claimable deductions that you are entitled to, consisting all assets you possess. The present value of every item is noted. In detail, the Tax Depreciation Schedule identifies the age, the material construction, fittings, fixtures and others.
After settlement, you must have a Tax Depreciation Schedule as soon as you get a chance. It is a wise strategy to take great advantage of your tax benefits. The government won’t just give you deductions with a list you yourself made. You cannot make a depreciation schedule to claim tax deductions. Instead, an accredited Quantity Surveyor must be hired to do it. After inspection, your Quantity Surveyor will prepare a Tax Depreciation Schedule for you, making the most out of what you can claim.
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THEY CAN AND THEY WILL
You need a quantity surveyor, and you can work with them well because they are more than willing and, without a doubt, able to work and meet your needs. They are trained and educated for this job, and without you, investors who need their help, their years and efforts of learning wouldn’t be very useful at all.
Quantity Surveyors can and will help you with your Tax Depreciation needs, so don’t hesitate and be informed about them and how to get in touch with them to make the most out of your investment and tax benefits.
AUTHOR BIO
Nicole Ann Pore is a daytime writer for Depreciator, an Australian-based company specializing in and providing Tax Depreciation Schedules for a substantial number of businesses. She writes pieces that help cover people’s need for information regarding n taxes, investment and financial planning. | Nicole graduated Cum Laude from De La Salle University Manila, Philippines with a Bachelor’s Degree in Communication Arts.
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