The question "Should I bother getting a depreciation report ?"continues on PC long after SS ended. Today I had a great example of why you DO bother. Why its a great investment. I will protect the parties and wont disclose anything personal. However long ago a taxpayer and wife bought some property. They didn't think a QS report worth the cost. Then they bought more property. Again, they didn't invest in a QS report. Now we are some 10 years down the track and they have done some improvements, reno etc and have a nice portfolio. But somewhere along the track the complexities with refinancing and all those capital costs lead to no returns being lodged.. And then a property or two were sold. And the ATO demanded lodgement. Of course a tax bill delayed things and so push comes to shove. So all the lodgements are done and yes there is a small neg gearing loss etc but the CGT means a tax bill. So I revisit the issue and practically insist my new client invest a few grand in many QS reports. In some ways the overdue returns help since we can now amend many many years. So we amend to include the new depreciation and capital allowance deductions. And based on the number of QS reports the client will get a enhanced refund of $26K. And that's without looking at the 2015 year or future tax years. Client investment in QS reports $3,400. Refunds due $26,000. That's great value and these aren't even "new" properties. Lesson in this ?? Rule #1 of QS reports : Until a Quantity Surveyor says not to bother then you should always seek a QS report. Don't worry about the cost - It will pay for itself. And if you undertake capital expenditure you should always do one of the following : 1. Provide details to the tax agent (esp minor stuff like a few appliances); OR 2. Get the QS to update the report at that time. Rule #2 of QS reports : Review the report from time to time when you replace obsolete / redundant / failed items. There may be a write-off deduction. Not always but sometimes.