Depreciator review

I used Depreciator, didn't know about mentioning the forum though, could have saved myself a hundred bucks lol.

Still with a depreciation of a thousand a month, it's the best 700 bucks I ever spent .

 

I've followed your journey on here for a while, Dan, and admired your attitude. Send me an email with your job number. [email protected]

 

I have always wondered what the difference would be between BMT and Depreciator on the reports....Some higher some lower I suspect. Largely similiar. But I wonder....

 

There is certainly a difference between BMT/Depreciator reports and some of the cheaper providers - I saw one today where there was no LVP offered and for some reason the under $300 Assets weren't written-off.

 

If you were to get both done, would the cost for both be deductible?

 

Yes. I see no reason to do so.

 

They also offer a service for older properties with no physical inspection ($385 forum discount vs $440)

Photos etc need to be provided.

 

I think this is great customer service which is a rare find! Just this alone is enough to earn my business.

I've already done mine with depreciator last month, experience is as reported by other posters - quick, efficient and professional.

 

This is the first time I've heard of Depreciator. How does it compare to say BMT and Washington Brown?

 

Another happy @Depreciator customer here. I've used them multiple times and am currently getting the depreciation report for our MV IP.

 

I reckon we compare well. We've been going for 15 years, but you wouldn't have heard of us because we do no consumer advertising. We don't go to property expos and stuff like that, either. Well over half our work comes from accountants - they like how we operate. Then there is the big chunk from existing clients and their friends. We are national and do thousands and thousands of Dep Schedules per year. But despite that, I reckon we are very good at customer service.
Scott

 

I find myself recommending BMT and Depreciator as their customer service and reports are good quality and good value.

 

Do you guys think desktop review is sufficient, even for an older property? The price difference is huge!

 

It depends.

I recently saw a property with two reports. The owner had 3 x townhouses. They had a QS do the original reports and it was based largely on drawings and images. The owner felt it seemed low even after raising the issue with them. So they had another QS firm re-do the reports. The first year deductions were enhanced by almost $3,500 EACH property and the total deductions over the lifetime were substantially different.

Seems the original reports missed a bit and may have been based on desktop v's site attendance. The two firms were large firms. The final report was done by BMT.

The larger QS firms - I know WB, Depro and BMT (and perhaps Depreciator ???) often do many larger buildings for the lenders and have preliminary build reports they often insist on. They can often provide a owner report for little additional effort using this info and update for the interior fitout (ie Miele v's Beko) and materials etc based on images ie flooring, carpets, motorised gear etc. This can cost less than $500 in some cases. Its worth asking the builder if they had a QS onsite for any new OTP job.

I did a walk through with BMT onsite once and learned a lot from the experience. But I have never had reason to be critical of Depreciator either. I also can vouch for Washington Brown. Tyrone Hyde has written a book on QS reports and often does media. He knows his stuff.

I have also seen some absolutely shocking reports - Cheapies. One was for three years and then stopped.....Some of the features of crap reports:

• Not a TPB registered provide (useless paper IMO)
• Doesnt mention the years ie says Year 1, y2 and doesnt say 2018, 2019
• Doesnt have a LVP
• Doesnt consider the $300 v threshold and issue of two owners !!
• Does not offer a modern view on deferred CGT / CGT saver etc... Or makes me add up the remaining cap allowances !!!
• Stops after 3, 5 or 10 years......
• Doesnt update for write offs, improvements etc
• Is a pre 1987 apartment with $0 capital works. Thats really rare !!
• Doesnt offer updates to a apartment schedule when special capoital works levies etc may mean this IS available
• Anything an accountant or builder makes up !! (excepting additional assets after acquisition)
• DIY estimates (FullyLucky comes to mind)
• Anything a taxpayer self produces using excel

IMO quality reports should be evaualted for the deductiosn they bring. Not the cost. I just argued and argued with a long term client who didnt want to spend $2100 on three rpeorts. They relented and I amended two years which produced $15K of refunds. Who cares if it cost $605 or $770. Its like paying for $10 paint at the old Masters. In two years you have to repaint.. use quality and you dont.

 

Dear Paul,

Jeez you are smart....

If you ever think about changing careers let me know!!

Ty

 

You wrote a book. I would use crayons.

 

Dont underestimate crayons. Ive seen many crayon drawings on ceo walls and desks.

 

Worlds most popular colour-in book. Some would argue its also fiction

 

Hahaha smart and funny!