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COVID-19 and tax depreciation reports – are physical inspections necessary?


Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and depreciation deductions available to them under the tax law in respect of their income-producing properties – for example, a rental property, office building or factory. 

A thorough physical inspection of the property by a quantity surveyor plays a vital role in this process in order to, amongst other things:

We have become aware that some quantity surveyors are promoting tax depreciation reports that do not include a physical inspection of the property due to COVID-19 precautions.

Usually the reports are provided, with an offer to do an inspection at a later time when it is possible to do so. 

However, in some cases, no offer of a site inspection is made at all. 

Where a physical inspection of premises is not performed, this increases the risk of deductions being missed or errors being made.  This could result in costly adjustments if a taxpayer has to subsequently amend their tax return or is audited.

The Money Edge | Bundaberg

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