Property Depreciation Schedules - The New reality

Tip #70 – Report Preparation Takes time

The other night in bed, I was reading an article on the ATO website – yes, I’m a bit weird – titled “Where do you get the construction cost information??”

I was a little shocked when I read the last paragraph that stated: “Note: Remember to obtain your construction costs report as soon as possible as these reports can take a long time to prepare.”

At first, I thought, wow, even the ATO recognises that it’s not always that easy and fast to:

  1. get all the information required to prepare a report (including any work carried out by the vendor or previous vendor if handed over at settlement)
  2. liaise with the tenant and property manager to get access
  3. inspect the property
  4. compile the data
  5. prepare the actual depreciation schedule

The other issue is that quantity surveyors get inundated around June and then are quieter from November to February.

So the key here is do it now – you’ll get your report within 7 days guaranteed if you order it now!