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Do You Really Need A Quantity Surveyor?

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Every team engaged in construction has different specialists with different skillsets. One of the most important and interesting roles is that of a quantity surveyor. This role combines the knowledge of engineering and finance. People argue whether all construction projects need a project surveyor or not. In our opinion, every project should have one. But there is another area of work where the role of quantity surveyors is even less understood.

Tax Returns and Quantity Surveyors

Australian tax rules state that owners of investment properties should file tax returns. This process requires qualified and experienced tax depreciation surveyors. So, let us properly understand the process of property tax. This way, the importance of quantity surveyors can become clearer as well.

When you own a property, there are two types of additions to that property.

  • The first is capital goods, which indicates the permanent structures.
  • The second refers to the extra items which are removable.

Good tax depreciation quantity surveyors can list all the elements of your property. After this, they distribute them into these two categories.

The Contribution of Tax Surveyor in Filing Tax Returns

The reason we need quantity surveyors for this is not only to create a list. With their training and experience, they would be able to put the correct pricing on each item. They can also calculate the depreciation allowable on each item. This would be according to Australian tax rules. Based on the quantity survey, the quantity surveyor tax depreciation list gets created. It is then made part of the owner’s tax returns. The right work by the quantity surveyor would ensure that tax is not paid when unnecessary. It also ensures nothing important is missed during the filing of returns.

The Importance of a Quantity Surveyor

This was only an example of a specific job that is impossible without a quantity surveyor. If a non-qualified person does it, there could be financial and legal implications. But if we talk about general construction teams as well, we can’t ignore the role of a quantity surveyor.

Conclusion:

The cost and efforts involved with hiring qualified Deppro quantity surveyors might be high but they get repaid because of their contributions. This holds true not only in general construction work. It is especially true in specific jobs like tax returns and depreciation lists. The benefits of hiring a professional quantity surveyor are most usually in financial aspects. But they also help in ensuring that the technical aspects are correct too. If your project team does not have a quantity surveyor yet, it is high time you consider it.

Should I Buy an Investment Property with a Swimming Pool?

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When you are looking to invest money into a property where you do not plan to live but rather rent out, you need to strike that sweet spot where minimal investment and maximum returns meet. Your property investment returns must be greater than the upfront costs and the recurring costs put together.

How Wise is it to have a Pool on your Investment Property?

Let us take an example of a swimming pool in the backyard of your house. Who doesn’t like to imagine a lazy sunny morning spent lounging by the poolside? Is there any greater joy than a swim in crystal clear blue water? A pool adds a lot of value to a house, for the owner as well as the resident. But we need to remember that a pool comes with several costs.

The Cost of a Swimming Pool

The cost of building a pool might be a one-time investment, but the maintenance of a pool is quite costly, and those costs are repetitive. If you have a traditional swimming pool, then cleaning of leaves and other debris would need to be done manually. But for more modern self-cleaning pools, the costs become higher. The property report for a house with a pool would have a large chunk of the expenses earmarked for the pool.

What Australian Tax Depreciation Rules Say?

Having read so far, you might be tempted to think that a pool on your property might not be such a great idea after all. But there is another important factor to consider – the Australian tax depreciation rules. As per these rules, several elements of the cost of building and maintaining a swimming pool can be set off against depreciation, and tax deductions can be claimed on them.

This is how it works. When a house is constructed, the money spent on it could be broadly divided into two categories. The first is capital works, and the other is plant and equipment. Capital works would include the fixed part of a building, like the walls, floor, and wiring etc. Plant and equipment would include removable parts of the property like smoke detectors, upholstery, electrical appliances etc. A complete list of both these types of depreciation expenses needs to be made by a certified agency like Deppro using an investment property calculator. This list is then submitted along with the tax returns and deductions are availed on tax on the basis of the depreciation calculated. Many elements of the cost of a swimming pool construction can also be included in this list and deductions claimed.

Final Thoughts:

On the whole, you need to consider the location of your property, the cost of the pool, and the amount you can claim later as tax. After considering these factors, you can decide wisely whether you should buy an investment property with a pool or not.

Everything International Students Should Know about Doing a Tax Return in Australia

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Tax is always a matter of stress, and for international students, it can become a hectic scenario. Taxes are something that are far from pleasant and may always cause a strain for students. Most of the students in Australia look ahead to the tax time because they expect to get their money back after they complete their tax returns. However, if you have to work on a student visa for 20 hours or less than that you are exempted from paying taxes, to prepare yourself for the Australian tax return. Here in this post, you will gain a brief insight into how can you can go about with the procedures.

Do I Have to Abide by a Tax Return Policies?

If you are working and earning in Australia, then you are liable to file your taxes. Students who are living in Australia for more than six months fall under the tax paying threshold. However, you can also come across certain situations which will restrict you from paying taxes or you may get tax deductions. You must inform the ATO (Australian Tax Office) in that case.

When Can I File My Taxes?

The period for tax return filing is from July 1 to October 31. Individuals who fall under the income tax category have to file their taxes within this duration to avoid any troubles later. Working professionals in the country must abide by this rule so that they have a smooth tax return filing without having to go through the hassle and paying fines which might become difficult for international students. Their job might be at stake if the proper steps are not taken while filing tax returns.

Procedures for Lodging a Tax Return

In the online age, everything is possible sitting at home. Students can log in to myTax browsing through the website by ATO. Further, you can create an account under myGov and link it with the ATO website. Make sure you go through with an authorised tax agent and lodge your paper on the tax return Australia. Moreover, you can use the Tax Help Program which works for training volunteers and help people on how to go about for their tax returns.

International students require their TFN-Tax file number, photo proof, and their income statement. Generally, by June 30, employers present their employees with the income statements and entail everything regarding how much you earn and other details about your work.

Conclusion:

After you have filed your taxes online, you will need to wait for about two weeks to get your refund. If you are a university student, then you can take advice from the economic service agents from the university itself. They have ample information to give you the right idea on tax filing and returns. If you have some queries regarding filing your tax returns, you can call at the Deppro contact number for quick services.

This is how to get your best tax return yet

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Tax-time isn’t something to fear if you have your affairs in order. At the end of it you get something even better: a tax refund! The ease of filing your your tax return depends on you and how you handle your affairs. The amount you get back depends on what you know you can claim. We have some advice to help you handle both.

 

Deppro handles property depreciation reports, not tax, but we know a thing or two about the latter. ‘Tax depreciation’ is the same thing as property depreciation. It’s part of your annual taxable income.

 

The cost of a depreciation schedule is actually fully deductible, along with whatever depreciation amount you can claim that year. That’s more money going back into your bank account!

 

Investment property is a source of income, and you must list it on your tax return. Depreciation is the ‘extra’ essential that can push you further to your goal. Imagine paying off your loan or now having the potential to buy another property. Depreciation earns investors tens of thousands of dollars over the time they hold the assets in their portfolio. That’s just for one property. Imagine being in the 1% club and having six or more.

 

To get your best-ever tax return, you need your accountant on your side. You would’ve handed over your tax depreciation report to them, anyway. It’s their job to file a return that gets you the best amount back possible.

 

Before you meet with them, it’s possible to estimate how much you’ll get back. The ATO releases a new edition of their tax return estimator every year, and it’s free to use. You need:

  • Your PAYG statement (for gross income and tax withheld)
  • A list of your tax offsets and what you can claim
  • Calculation of your Medicare levy
  • To know your residency

If your numbers are accurate and you have the correct information, what you get from your accountant won’t be much different. If at all.

 

To get your best-ever tax return, you must be organised. When the end of financial year comes, you need these tools in order to claim:

  • Your accountant
  • PAYG statement
  • Depreciation report
  • List of tax offsets

Not all tools are free, but they pay for themselves in the end thanks to that amazing tax refund!

Tying your depreciation schedule to your tax return in Australia

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Your depreciation and tax return in Australia is your best asset for putting money away into your bank account. It doesn’t matter if you live and work overseas. Your Australian revenue is guaranteed when you have investment properties and professionals taking care of them.

 

When you purchase investment properties, whether commercial or residential, you must always declare the income they bring you. Returns are minor in the beginning thanks to negative gearing. This happens when the overall expense of maintaining the property costs more than your rental income. But you’ll get your money back over time thanks to depreciation and claiming other items on tax.

 

As your property, and the items in it, depreciate over time, it equals more money in your bank account. You’ll receive the maximum benefit when you get a depreciation schedule from a professional. We have a lot of clients asking about this process and how it works. This is what we tell them:

 

  • Buy the property and finalise the settlement
  • Call Deppro and schedule a visit
  • The quantity surveyor visits the property, takes pictures, and makes notes
  • Answer any questions the surveyor has and provide the necessary documents
  • Your depreciation schedule arrives

 

When you receive your depreciation report, hand it over to your accountant who manages your tax return in Australia. They’ll amend past returns and use the report to get you the best amount back on future ones.

 

It’s easier than you might think to tie your depreciation schedule to your tax return in Australia. Of course you’ll be affected by negative gearing (unless you snapped up an amazing property), but depreciation and other tax deductions over time will earn your money back. Once the quantity surveyor has done their job and the report is yours, hand it over to your accountant. They’ll make sure your investment pays off.