Your quantity surveyor needs a few details and a good set of photos to prepare your depreciation schedule, and this article explains exactly what to send.
Getting your depreciation schedule inspection started
A depreciation schedule inspection begins with a handful of details from you, most of which sit on your settlement papers or your property records. Send us these and we can usually complete the schedule from photos and video, with a site visit where needed. Getting this right at the start is what keeps our standard residential fee at $600 including GST and the turnaround at 3 to 5 business days, Australia-wide.
The better the information you send first up, the less back and forth there is later. That is good for you, because it means your schedule lands before your next tax return rather than after it.
The details we ask for
Before we look at any photos, we need a short list of facts about the property. Most investors have all of these on hand already.
- The street address and a description of the property type.
- The purchase date and the purchase price.
- The settlement date and the date it was first rented or available for rent.
- Any renovations you have done, with rough dates and a sense of what changed.
- A floor plan if you have one.
The purchase price and settlement details anchor the valuation, while the first rented date tells us which financial year the schedule should start from. Renovation history matters too, because removed items can sometimes be scrapped, which is a separate claim your accountant can help with.
Photos and video that usually do the job
In most cases, a depreciation schedule inspection is done from photos and video rather than a walk-through. A good set of images lets us identify the plant and equipment and estimate the capital works the way a quantity surveyor measures a building.
What we ask for is simple. Photograph or film every room from a couple of angles, plus the outside of the building and the yard. Then add the items that are easy to miss: the meter box, the hot water system, and each air conditioning unit, indoors and out. A short walk-through video ties it all together and helps us confirm the layout and finishes.
These photos are not a beauty shoot. We are looking at the condition, the age and the type of each fitting, because those details drive the effective life of each plant item and the building allowance on the other side.
When a site visit is needed
Most properties do not need someone on site, but there are times when it genuinely helps. A large or complex home, an unusual fit-out, or a property where photos are hard to take are all good reasons to send a surveyor out. The same goes for an older building where the construction date and condition are unclear.
We will always tell you if we think a visit will produce a better result, and we will explain why. Either way, the approach is the same: inspected by photos and video, with a site visit where needed.
Why this keeps the price fixed
Because we work from a known information list and a set of photos, there are no surprises in what the job involves. That lets us quote a fixed price up front rather than billing by the hour, and it keeps the turnaround short and predictable.
You also get a free eligibility check before anything is ordered. If your property will not produce a worthwhile schedule, we tell you that first so you are not paying for a report you cannot use, and you can start the process through the order online page when you are ready.
A worked example
Imagine you have just settled on a two-bedroom unit and you want a schedule before your first tax return. You send us the address, the purchase date and price, and the date the tenant moved in. You add a floor plan from the sale listing and a video walk-through that shows every room, the balcony, the meter box and the split-system air conditioner.
From that, we identify the plant and equipment in the unit and measure the capital works on the building. The schedule is prepared by a Certified Quantity Surveyor and delivered within the 3 to 5 business day window, ready for your accountant to use in your return.
Frequently asked questions
Do I really need to send photos?
Yes. Photos and video are how we identify the plant and equipment and confirm the condition of the building, so they are the main input for your depreciation schedule inspection.
What if I cannot find my settlement papers?
Most of the dates can be confirmed from your contract, your conveyancer or your loan documents. Send what you have and we will tell you if anything is missing.
Can I claim if I bought the property years ago?
Usually yes, but the rules around second-hand plant and equipment changed in 2017, so the answer depends on your purchase date and circumstances. Ask your accountant about your own position.
