A blog by Paul Bennion.
Property owners looking to undertake a property depreciation report to obtain legitimate tax deductions for their property investments should only use properly qualified companies that are fully compliant with ATO rulings and certified members of the Australian Institute of Quantity Surveyors (AIQS).
AIQS is the professional standards body for quantity surveyors throughout Australia. Over recent years, AQIS has worked with the ATO on the review and revision of the requirements for investment/rental property depreciation reporting.
Paul Bennion, Managing Director of DEPPRO says it is essential for property investors to get the right advice regarding their property. Property depreciation is a complex area of finance and tax and expert advice is important.
“The ATO has spent a lot of time removing ambiguities from the legislation dealing with depreciation on residential properties. As part of this process, the ATO consulted with professional bodies such as AIQS and ensured they were kept informed about of changes and requirements,” he said.
“For depreciation professionals, having the appropriate training and qualifications and being a member of organisations such as the AIQS is critical in ensuring you can provide the best advice for your clients.”
Bennion warned property investors to be wary of companies that may not be a member of AIQS or that may employ salespeople touting catch phrases and a more dubious approach to providing advice in relation to tax depreciation entitlements.
“In many cases these companies outsource the work to others who don’t inspect the property, but simply apply a one-size-fits-all approach to preparing depreciation reports, meaning investors may not receive the best advice,” Bennion said.
DEPPRO is an Associate Member of AIQS and uses systems that are fully compliant with ATO rulings.