Guide for Rental Property Owners
Posted on August 25th, 2016
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.
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, an 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”