Then there are the QS's themselves. No one took depreciation seriously until the downturn hit and the bigger profitable jobs dried up. I recall one very senior QS in a very large firm in the city saying that he would take Suncorp as a client rather than a thousand mom and pop investors. Some do property valuations as a bread and butter and hope for some cream in tax work. Very, very few ever specialise. There are maybe 5-7 in the whole of Brisbane with the experience. They all have their own companies and you would have to be very lucky to have them cast their eyes over your report. Never mind thoroughly check the work done by a more lowly paid "cadet"
QS's are by nature very conservative professionals. Dealing daily with the banks and with builders payments, will do that to you. Give them two methods, both, I was going to say are approved by the AIQS until I read their disclaimer. So let me rather say are "covered by the AIQS". Take a wild guess at which method they will choose to use. Right first time, the most conservative one, which also happens to be the one that is legally incorrect, but "covered by the AIQS", and absolutely loved by the ATO. The only loser is the property investor. But then from what I read, the ATO really needs the money.
Investors are also part of the equation. They phone around "I just want a quote", they say. They get very agitated when you ask them what method they are getting quotes for. They don't want an explanation, they "just want a quote". I ask if they are getting references from accountants or investor groups such as Wise, "I just want a quote" they are by now screaming. I continue to ignore their cries for "I just want a bloody quote" My coup de grace comes when I ask them what they need the QS report for. "It's to reduce my tax, man, I am paying far too much". " How much do you wan to reduce your tax by?" $5,000 or $10,000 pa ? And hang up. Most phone back a day or so later. So far nobody has bothered to check my references. Go figure that in over 13 years.
And now the property investor can also DIY depreciation, but that's another story.
George qualified some 31 years ago, worked for various professional firms, and worked for a home builder/developer as their national development manager. He has specialised in depreciation for the last 13 years where he trades as Condev Depreciation Services. George also has Parkinson 's disease.