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Quantity surveyors vs. accountants when claiming property expenses

I have been told that it can be a good idea to go to a quantity surveyor to work out the correct expenses I can claim on my rented apartment. I have always relied on my accountant but others tell me that quantity surveyors are better. What do you think?

A really good accountant who has a history helping his/her clients with investment properties could compete with quantity surveyors. However, the latter are specialists and the depreciation rules are complex and that’s why I like quantity surveyors.

The division 42 allowance covering plant and equipment, for example, shows that many of the assets in an investment property have different effective lives and they have different rates of depreciation. And while the Tax Office gives a helpful guide to what you can claim, it could save money to have an expert run his eye over the property.

They can also think of all of the items that should be included which can extend to furniture, window treatments, hot water services, floor coverings, whitegoods, kitchen and other appliances and a whole lot more.

An item that I never thought of to claim on, which a quantity surveyor pointed out, is the lawn mower that a landlord might use a few times a year. I reckon a lot of people who don’t use at least an accountant would not be claiming depreciation on the building, which lasts for 40 years for those built after 15 September 1985.

I think it’s silly not to get the inside info on all you can claim and the lesson says that if you want to make money out of any investment, you have to do your homework by reading many of the books and websites out there that give great tips and tricks. However, if you don’t have time or interest in reading this kind of stuff, find a financial adviser who will do it for you.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

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For in-the-know advice on your rental property, read John McGrath’s posts.

Still have questions? Find the solution for your property investment.

Published on: Wednesday, October 27, 2010

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