Does your tax agent make this mistake ?

Yet another reminder today about a common mistake made by non-property savvy tax agents.

They enter the Quantity Surveyor report into their own software. Really bugs me as it inevitable one day they wont agree and nobody will know why. And we arent talking a few dollars.
- Rounding differences (trivial)
- Assets w/off in one and not the other
- QS report moves items to a pool tax agents software does not
- Many accounts who take this approach also take a shortcut and group items together.
- Sometimes they take what is a asset split into two reports and add them back into one...Meaning some assets wont be written off when the QS has written them off.

My biggest grip of the lot is this: The client has paid someone to rekey it all and its still wrong. A waste of money (Client money)

This type of mistake will just compound with the new depreciation rules. If the property is used for a private purpose and the depreciation ends someone then has to end the depreciation on each item.

The only time an accountant should add a schedule is for items that the client has purchased which arent on the QS report.

 

Previous owner of my business used to do this and i hated it for the same reason.

I stopped doing it once we took over. Its a total waste of time and adds zero value to a return.