Cost of Depreciation Schedule?

Adam,

I have one being done for me now on the Gold Coast for $300 + GST. Firm is Napier Blakeley.

James

So your schedules are guaranteed to pass ATO scrutiny??

Just curious that a 100-150% price difference would have to have some sought of attached guarantee, if it is a better product….

4 things:

1. I forgot to mention we give a discount to members of this forum – $660 instead of $715. Just mention ‘Scott said it was okay’ to whoever answers the phone.

2. James, that $300 price from Napiers would be for a unit and they would have been the QS on that building project. For them to generate a report, they wouldn’t have to leave the office, just press a few buttons. It’s called a ‘repeat’. Out of curiosity, I recently got a quote from Napiers for a unit in Narrabeen, Sydney, and the price was $1,100+GST.

3. SuperTed. No Quantity Surveyor can give that guarantee. Part of the problem is that there are so many grey areas in depreciation. The best way to ensure a report passes ATO scrutiny is to be up to date with the ever shifting ATO rules. We are on the phone to them every day. I’ve met informally with one of their staff and asked them what they look for when they audit a schedule (so I can pick a crook one as quickly as they can). I have a ‘compliance’ person here who monitors ATO Interpretative Decisions etc. We use external consultant tax accountants to run our stance on issues past. We’re also the depreciation provider for the Count Wealth Group, Ray White Group and Century 21. Count Wealth is a publically listed group of 600 accountants/planners. As you can appreciate, they did a fair bit of due diligence on us and our report. Last month I spoke at their National Conference in Canberra. Our product and service is also better than any other company (though admittedly with the QS industry the service bar is set very low). Remember, most QSs do tax work part time. Oh, there are many places where we are cheaper than anyone else e.g. Albury.

4. Jimbo James. That sounds like an odd disclaimer. We tell people that our report does not constitute ‘advice’. Remember, when you take delivery of a Tax Depreciation Schedule and use it, you assume responsibility for it . Similarly, when you sign your tax return prepared by your accountant you assume responsibility for it. You are the ATO’s client, not your accountant or your Quantity Surveyor.

In short, I’ve always said there are cheaper reports out there in some markets. We do hundreds every month all over Australia and I don’t compete on price. If somebody wants to save a couple of hundred tax deductible dollars and end up with a sub standard report that an accountant will have to fix, that’s their decision.

Happy tax season, everyone.

Scott

Thanks Redwing (and Derek). Always happy to provide information. I’m learning a fair bit about things other than depreciation in visiting this site.

Scott