08
Jul
2019

7 Things to Look For When Choosing a Quantity Surveyor for Tax Depreciation

tax depreciation

Not all investors are informed regarding the perks they can get when assets depreciate in value over time or use. Many miss the chance of a lower taxable income only because they are not knowledgeable about tax depreciation matters. That’s why being curious and informed are important tools to make the most out of your special benefits.

Those who are informed, however, do not know fully how to maximize their privileges, and they make mistakes in choosing what to do. One of the most vital portions of working on your tax depreciation is choosing a Quantity Surveyor who will assist and guide you.

A Quantity Surveyor is your help when it comes to understanding what tax depreciation is about, how it works on your investment and to creating a tax depreciation schedule for you. Surely, it has a prime role which makes selecting one a crucial step in the process.

To help you with that, here are 7 things that you must consider when selecting a Quantity Surveyor for your Tax Depreciation needs:

[1] AIQS ACCREDITATION

Before taking a look whether they have a good image, pleasing hospitality and exceptional work quality or not, be certain that the Quantity Surveyor is part of the Australian Institute of Quantity Surveyors (AIQS). You can look up information about it to check if they are listed. You can check their website to see it too.

It is highly relevant that the Quantity Surveyor which will be working for you is accredited by AIQS because this institution is the professional standards body for Quantity Surveyors all over Australia. It works close with the Australian Taxation Office, the Australian government’s principal revenue collection association. Being a member of it, the Quantity Surveyor must know the proper methods, ethics and systems amenable to ATO injunctions. 

[2] TAX AGENT REGISTRATION 

You must see to it that the Quantity Surveyor is a registered tax agent. If it is, it acts in accordance to the Tax Agent Services Act of 2009. If a Quantity Surveyor is not enlisted under this act and charges clients for creation of tax depreciation schedules, that’s a problem which can be tagged as illegal and can be reported.

[3] ON-SITE PRESENCE

Many overlook, ignore or don’t know the importance of having the Quantity Surveyor to visit their property. Some companies send someone else on behalf of the Quantity Surveyor, and you shouldn’t bite into such traps because others do it to deceive people and give mediocre outcomes.

One of the most significant tasks of a Quantity Surveyor is to visit the site for an inspection of the place and the assets found therein. This is the one most responsible for the whole process, including the completion of the tax depreciation schedule, so it is essential that the Quantity Surveyor personally sees and encounters the property. Getting a first-hand experience and look at the property makes it much more convincing that the results would be accurate  

[4] EXPERTISE AS A QUANTITY SURVEYOR

Of course, you want to get the best of what you’re paying, and you will if you choose an experienced, expert Quantity Surveyor to work with you. Be very curious about its proficiency in tax depreciation. It will be helpful to know its years of professional and peerless service.

Working with an expert in the industry is the best option because who else should help you with this? A Quantity Surveyor with long years of experience in depreciation reassures you that they produce quality work, that they can find solutions to conflicts and that they can respond well to clients’ needs. They must be specialists of all matters involved in taxation. You will achieve both expert outcome and expert advice.

[5] HIGH QUALITY, HIGH VALUE

You need a Quantity Surveyor because you want to better understand the depreciation systems and because you want to reap the highest benefits of it. Be it known unto you whether past products were done excellently and leaving no regrets to clients. Your accountant should not have a hard time understanding the depreciation schedule results.

The service must not be plainly wallet wrecking. If it charges well, it must produce more than well! Will the schedule be acceptable to ATO standards? The Quantity Surveyor must value the value of money and, most especially, of outstanding and satisfying quality.

[6] TIME AND GOAL-ORIENTED

Time is very precious in depreciation because it is the main factor why assets depreciate in value. Also, there are deadlines for depreciation schedules. Consider the work pace of the Quantity Surveyor; it must jive well with an amazing quality.

Seasonally, the volume of tax concerns that Quantity Surveyor firms are rising so high! Ask around, read reviews (if any) and inquire directly to know how they work under time pressure while doing great. In tax depreciation, paying attention to quality is very important while not sacrificing time.

[7] BRIGHTLY RESPONSIVE

The Quantity Surveyor must respond and must know how to respond to clients’ or potential clients’ inquiries regarding their services. They must be highly knowledgeable about the what they are doing. It’s suspicious if there are many things they cannot answer or get right.

If you have questions about the final depreciation schedule, the Quantity Surveyor must be able to answer without hesitation and uncertainty. They must give clarity to areas questionable to clients. If they themselves cannot solve the problem, there’s no reason for clients to trust them a hundred percent! The Quantity Surveyor must not ignore clients’ queries.

Well, choose well.

Quantity Surveyors are very important because they are the ones authorized by the Australian Taxation Office to work on Tax Depreciation Schedules. They have been educated and trained under the right degree and qualifications. The only thing you have to do now is to choose well and wisely among the many options of Quantity Surveyor firms. It’s alright to go into detail and to be choosy. The important goal is to choose the one with proper authorization, a great service quality and a great value for money and time.

AUTHOR BIO

pore

Nicole Ann Pore writes pieces that cater to people’s need for information regarding business, taxes, investment and financial planning. For many people, there are unknown and unclear things regarding those subjects, so she aims to give light to those that are often not talked about as well. Nicole is a daytime writer for Depreciator, an Australian-based company specializing in Tax Depreciation Schedules. | Nicole graduated Cum Laude from De La Salle University Manila, Philippines with a Bachelor’s Degree in Communication Arts.

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