Guide for Rental Property Owners

The Australian Taxation Office has recently released their Rental Properties 2016 document.

A worthy read for owners of investment properties. Click the link below to download a copy.

Download Rental Properties 2016

Of particular interest on page 25 is the following quote in italics

“Estimating construction costs Where a new owner is unable to determine precisely the construction expenditure associated with a building, anĀ estimate provided by an appropriately qualified person may be used. Appropriately qualified people include:

a clerk of works, such as a project organiser for major building projects

a supervising architect who approves payments at stages of projects

a builder who is experienced in estimating construction costs of similar building projects

a quantity surveyor.

 

Unless they are otherwise qualified, valuers, real estate agents, accountants and solicitors generally have neither the relevant qualifications nor the experience to make such an estimate”

 

 

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