"A compromise on your Tax Depreciation Report will not withstand an ATO Audit."
A good quality, comprehensive Tax Depreciation Report should:
- Include photographs of your building and plant
- Contain an indicative plan of the building
- Have a breakdown of Capital Allowances
- Have a breakdown of Plant and Articles
- Have backdated reports to the date of purchase (although you can only claim previous four years)
- Include a full 40 year schedule
- Be fully certified by a member of the Australian Institute of Quantity Surveyors
Your report should be more than a few pages of figures. Anything less than above is both a compromise and unlikely to withstand an ATO audit. How much would it cost for your accountant to chase up any information if you are audited at $200 to $300 per hour?
This report was brought to you by:
Tracey Lunniss, BSc (Hons) (QS), MRICS, AAQIS, Chartered Quantity Surveyor and Associate Director TSL Project Services Pty. Ltd.
National Office: Unit 10 / Knobel Court, Hyperdome Technology Park Commercial Centre,Shailer Park, QLD, 4128Tel: 1300 792 360
Web site: www.tslprojectservices.com.au/
Email: tracey@tslprojectservices.com.au
Regards
David Maynard - My Tax Zone