Top FAQs for FY2011

Hi Everyone,

As we are in the peak of our season, and fielding tons of enquiries daily, we felt it might be helpful to publish the answers to the most frequently asked questions we have received this tax season.  We look forward to speaking with potential and existing clients, and potential and existing partners, so please don’t hesitate to give us a call today to discuss how we can be of assistance.

1.  Will it be worthwhile for my property?

A Tax Depreciation Report is worthwhile for almost every investment property.  As the Director of Capital Claims, and with over 12 years specialising in the field of Tax Depreciation, I have produced, and overseen the production of tens of thousands of Tax Depreciation Reports.  I can report confidently that approximately 99% of properties  assessed are eligble to claim enough depreciation to offset more than double the cost of the report.  In most cases, investors are able to claim tens of thousands of dollars in deductions.  There are a few circumstances in which it will not be worthwhile for an investor to purchase a Tax Depreciation Report for their investment property.  This is why in every case, Capital Claims will review the specific circumstances of the property, and liaise with the client’s accountant if appropriate, to ensure that the report will be beneficial, before we undertake the work.  And as a final, certain value guarantee, if our client is not able to claim at least double our fee in deductions in the first full financial year, we will not charge for any services.  So, any investor thinking that a Tax Depreciation Report will not be worthwhile is encouraged to call Capital Claims and speak with one of our specialists – you might be very pleasantly surprised!

2.  What information do I need to provide?

Only minimal, basic information is required to start the process of procuring a Tax Depreciation Report from Capital Claims.  We simply need the address of the property and contact details for the managing agent (or the tenant if self-managed), to arrange an inspection.  Further information that will be required to complete the report include:

• the name in which the property is held;
• settlement date;
• purchase price;
• *details (costs and dates where available) of any additions or alterations made to the property;
• *details (costs and dates where available) of any furniture used by the owner to furnish the property;
• the dates of any periods in which the owner occupied the house, or the house was unavailable to rent for any reason;

*  where costs are not available, as qualified quantity surveyors we are recognised by the ATO to prepare and use estimates.

3.  How soon can I get my report?

Capital Claims undertakes to complete all reports in the quickest possible time-frame, without compromising on detail and quality.  An inspection of your property will be arranged at the earliest possible time, and our report will be finalised within 5 full working days.  This means a standard report is often booked and completed within 2 working weeks.  Our time-frame is subject to coordinating a suitable time with your tenant and we are flexible in being able to complete inspections within and after ordinary business hours.

4.  What does it cost?

Our standard fee for a residential property ranges between $600.00 and $800.00( including GST), depending on the property type, and the nature of the work required.  Rates will vary for clients who have multiple properties, particularly multiple units within the same complex.  We also have varied rates for properties that do not require inspection, or for commercial or industrial properties.  Unlike the majority of our competitors, we do not require your fee to be paid in advance, and will ensure the feasibility of the report, and generate the likely result, before we invoice for our services. Please contact us for an obligation free quote, specifically for your property.

5.  How does your service differ from others?

Our exceptional service, combined with our quality results, makes our service unique.  Specifically we offer:

• Superior service – friendly, professional, qualified staff and fast report turn-around;
• Quality Results/Maximum Deductions – There is a range of methods used for estimating costs of construction and plant and equipment, and therefore for calculating and forecasting depreciation deductions.  It is highly likely that if you were to source reports from 4 different quantity surveying firms for the same property, all of the reports would differ at least slightly, some significantly, in their methodology and result.  You want to ensure you are puchasing the best value for money, and claiming the most deductions possible.  The team at Capital Claims has been refining our methodologies and processes for over 10 years.  We are proud to be utilising the most comprehensive and sophisticated methodologies available to identify and report every possible dollar of depreciation, maximising the return to the investor;
• Excellent Value for Money – We do not offer the cheapest fee in the market, but we believe we offer the best value for money.  Utilising a cheaper service simply to save a few dollars, and receiving an inferior report, can cost you thousands of dollars in legitimate deductions.

6.  What areas do you service?

Capital Claims services all Capital Cities and regional centres of Australia.

7.  Are you a registered tax agent?

Capital Claims is a Registered Tax Agent.  Our number is 82681005.

Capital Claims is becoming increasingly recognised for our quality results, and our superior service.  Give us a call today, and find out how we can assist you, or your clients, to save thousands of dollars this year!