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online depreciation schedules

Discussion in 'Accounting & Tax' started by Galloping granny, 22nd Sep, 2015.

  1. Galloping granny

    Galloping granny Member

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    30th Jul, 2015
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    Canberra
    I have recently bought 2 houses in Brisbane and am looking to set up depreciation schedules for both . There seem to be online offerings for around the $270 and I was wondering if people have found them satisfactory . Both my houses are less than 15 years old, basic project type houses with no additions/ renovations since they were constructed. I know the more expensive firms will guarantee you money back , but I should get that with an online version too .
     
  2. EN710

    EN710 Well-Known Member

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    Why such small texts? Are you worried that PCers will come right at you? :cool:

    How much details would you need to provide this online company?
     
    Leo2413 likes this.
  3. Galloping granny

    Galloping granny Member

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    Not sure why the text is so small - beginner at posting I think! . Haven't actually done the online questionnaire , but my guess it that they ask a lot of questions about the house such as rooms, fixtures, quality etc - the type of stuff they would actually record if they were there.
     
  4. Depreciator

    Depreciator Moderator Staff Member

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    You won't be surprised that I think the DIY online things are rubbish. I can't believe they are still around. I'm amazed they were able to get Tax Agent status as all providers of Dep Schedules need to have. I presume they have that?
    Where practical and applicable, an inspection is best. And it's best if that inspection is carried out by a QS. The accuracy of the DIY things depend upon what you enter into the program. And if you have questions after you get the Schedule, nobody will answer them.
    But they are certainly cheap.
    Scott
     
  5. BMT Tax Depreciation

    BMT Tax Depreciation Chris Business Member

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    Australia
    There's an order of magnitude involved here. Do you think you'll get the same return from them? Do you think that for the difference in fee you'll get the same service, security, communication and also have them perform the constant research that interpreting and staying on top of the tax rulings requires? How will they back up their results if you face an audit?

    This is a valuable part of your investment and it's a decision you only need to make once for each property. Best to think it over.
     
  6. JohnPropChat

    JohnPropChat Well-Known Member

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    Perth
    If the more expensive firm also guarantees your money back, which the good ones are doing - don't see a reason not to use it.

    It's quite easy to forget that "professionals" are also like "tradies". When you a find good one, hang on to them and it'll be worth every dollar spent.

    Both Depreciator and BMT come highly recommended by most on this forum.
     
  7. Samten

    Samten Well-Known Member

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    If there is one thing I have learnt in my life it is don't buy cheap tools cos you end up paying twice, once when you buy the cheapie and second when you have to go and buy the quality one when the first one breaks/dies. Same with services pay good people to do a job in the long run you will not regret it. What's the saying ..[​IMG]
     
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  8. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Good points.

    I don't do $89 tax returns like someone in a shopping centre either. I don't need to. Frankly I cant see how anyone could. I never see a queue or them busy. Same reason you don't see Great Wall or Cherry leading the car sales stats.
     
  9. Azazel

    Azazel Well-Known Member

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    That was my 1st thought too.
    I actually couldn't be bothered trying to read it ;)