Savvy surveys

It is amazing that a large number of investors miss the opportunity of claiming deductions based on the reducing value of their asset base. Getting a quantity survey and depreciation schedule for your property is essentially money for jam and can improve your after-tax cash flow position.

What even fewer investors realise is that if they are renovating they get an extra opportunity to improve their position. Getting a survey before completing the renovation which shows all the items that are being removed, or a scrapping schedule as they are known, will allow the savvy renovator to claim the residual value of those items they are removing in the tax year they are removed.

Once the renovation is done, a subsequent survey will allow the investor to start depreciating the new items.

The cost of these reports will be less than the return you’ll make and the strategy is often overlooked.

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