All Topics / Legal & Accounting / QS report from developer?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of dragon_v723dragon_v723
    Participant
    @dragon_v723
    Join Date: 2007
    Post Count: 16

    Hi everyone

    We are going to settle on a OTP property soon and I heard before that we can get the deprecation report from the developer as they wouldve already done it anyway for their tax purpose, is it true? has anyone had any experience?

    Profile photo of Neil Richardson - QSNeil Richardson – QS
    Member
    @neil-richardson—qs
    Join Date: 2008
    Post Count: 3

    Hi Dragon

    Developer would normally not do a full report if they aim to sell the properties and not hold them for rent.

    They may have done indicative reports for marketing purposes only. Chances are if you have bought OTP and didn't see a report then they don't have one.

    You might be on your own to get one.

    Doesn't hurt to ask them though.

    Regards

    Profile photo of condevcondev
    Participant
    @condev
    Join Date: 2011
    Post Count: 20

    Hi Dragon,
    An indicative schedule is pretty useless to you anyway. It normally can't be used for your tax return, it is often called a "marketing" schedule
    kind regards
    George Smit

     www.aaaonlinepds.com.au

      www. condevds.com.au

    Profile photo of Ashley CAshley C
    Participant
    @ashley-c
    Join Date: 2011
    Post Count: 36

    Hi,

    Theoretically the vendor of a property is required to provide a statement containing the information necessary for you to work out your capital works deductions.  There is no requirement re depreciable items.

    It doesn't hurt to ask them for a report as suggested above.  If they are not forthcoming then best get your own QS depreciation report.

    See http://law.ato.gov.au/atolaw/view.htm?Docid=PSR/GA20061/NAT/ATO/00001&PiT=99991231235958 

    Profile photo of DAMPropertyDAMProperty
    Participant
    @damproperty
    Join Date: 2011
    Post Count: 44

    If you get the information from the builder then I think the amount would be "builder costs" and not the cost that you would have to pay, i.e. retail should you need to replace anything.  The best approach is to get a depreciation report from a qualified quantity surveyor.  This way it's done right.

    DAMProperty | DAM Accounting Services
    https://www.damaccountingservices.com.au

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    For about $500 I would get my own done independently.

    Profile photo of dragon_v723dragon_v723
    Participant
    @dragon_v723
    Join Date: 2007
    Post Count: 16

    Hi All thx heaps for all the suggestions

    Was told its 'preliminary' report so no good for me and ATO wont accept it but they had a deal with BMT depreciation so only $275 for the proper report as BMT had already got all the detail and 'went' into the building itself. However was told that they want 600 if not the deal with the develope…………wow so it costs quite a lot for them move their ass off their chair lol  

Viewing 7 posts - 1 through 7 (of 7 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.