Depreciator review

Hi guys, after reading so many forums posts on various topics I thought I would share my recent experience obtaining a depreciation schedule for my 1st IP and hopefully help others after receiving so much useful information from all of you.

Depreciation Schedule:
Depreciator $605 (originally $715)
BMT $770

As many others have posted, simply stating you are a forum member after getting a quote from Depreciator they dropped their price from $715 to $605.

For anyone interested in the numbers: Low set brick dual-occupancy. 3 bed 1 bath with attached 1 bed 1 bath (originally designed and built like this in 2006, unit not added later). Internal area 145 sqm. Moreton Bay Region.

First 5 years Diminishing value: $7493*/$10282/$9026/$8689/$8788 *pro-rata 1st year

I have no idea how these numbers stack up to others, that's why I paid for a quantity surveyor. But they are a lot higher than I expected The whole process was simple & quick.

Overall very happy with Depreciator price and service. I very much recommend.

 

I use Depreciator myself and also recommend to my clients. They have always been excellent

 

same

 

Do you know if they send out a Quantity Surveyor to collect the data?

 

I've used depreciator many times.
Very happy with the service.

 

Based on typical taxpayer marginal tax rates the QS report cost $605 and just in the first 5 years you can expect enhanced tax refunds that total approx $14,600 for those deductions.

The return on investment for the $605 speaks for itself. Its worth mention that like all things no two QS reports would be identical. Perhaps if you used BMT (and asked for the PC discount) their report may have been bigger / less ?

 

Yes, Depreciator sent a Quantity Surveyor to my IP. My PM sorted out all the access.

 

Yep quite possible BMT also offer a discount. I already made my mind up selecting Depreciator (although both had great reviews). I only obtained the BMT quote to make sure I was in the right ball park.

 

Yes, they do. They're a bit old fashioned like that.

And yes, BMT offer discounts.

Thanks for the kind words, all. I had a bit of a nervous moment when I saw the title of this thread.

Scott

 

Love the free updates from Depreciator, very handy if doing reno's etc.

 

I have Depreciator, BMT & Washington Brown as the best 3 names in the field from my research. Would others here agree?

 

Depreciator and BMT are the only two firms I recommend to clients

 

Are there any reasons why you don't like Washington Brown? Are they too expensive or they have miss some claimable things on their depreciation schedules in the past?

 

I've used them x 14 times. Very happy customer.

 

To pile on, I've used Depreciator twice in the last two years and have been satisfied.

You make a booking, mention PC for the discount, or indeed in the case of the second booking they reminded me, and a Quantity Surveyor subsequently contacts you to make an appointment to attend.

Within a few days after the inspection you will receive the report. They will also send it to your accountant if you request.

 

as an accountant i find the BMT and Depreciator reports much easier to use.

for example WB do provide you with the breakdown between LVP and Non LVP items per year as a total but they dont provide it per item per year.

Depreciator reports in particular (just called one up) does this by year so you can see when items move into the LVP or when they have been fully expensed.

I just think it is a more comprehensive report.

The other reason is that BMT and Depreciator are big contributors to this community. I dont even know if WB has a presence here.

 

Another happy depreciator customer. Great service all the time.

 

Thanks for that Yesberg.

Wondering if someone can help me, I am not sure if it is worth me getting a depreciation report done,

my IP was built in 1980, so an older place, but we have renovated bathroom and kitchen, new fridge, oven and stove top, put in A/C. all in the last few years. - if we get the report done, do we need to provide original reciepts of all these items?

Also, I need to replace the property fence in the next month which will be a few grand, should I wait until this is done before getting the report done to have it included? Thanks for any help.

 

Two important factors come into play here: when did you buy it, and what was your overall approximate spend on these works?

A QS has to ask you for your available costs but in many cases they are not known or (for some other reason) are unable to be provided. We don't need to see your receipts (most people provide a spreadsheet or just list them in an email) as long as any costs you mention seem reasonable. For example, we questioned an $8000 fridge recently and when we were advised of the model, it was perfectly legitimate.

You don't need to wait for the fence, especially if you're trying to get your taxes done now. A fence is something that will be easy for a QS to add to your report later or for your accountant to depreciate individually.

 

I do recommend buyers of new units check if WB did the construction estimate reports for the builder. Otherwise my views are 100% with Mike.