Paul Glossop: Good day guys and welcome again to Pure Property Investment, one on one. And today I’m joined by Tuan Duong. Tuan is the principal of Duo Tax. Thanks for joining as mate.
Tuan Duong: You’re welcome Paul.
Paul Glossop: I’d probably kick it off and then ask a bit of fundamental question which I hope you can answer. And sometimes actually for new investors in general, who probably come to us and when we do recommend that potentially they look at talking to a quantity surveyor to make sure they get a depreciation schedule on a potential investment they’re going to buy. The question comes is “What is a quantity surveyor?”. So, hopefully I can give you can give them something or maybe explain what a quantity surveyor does and where the value is their industry.
Tuan Duong: Sure Paul. I’m more than happy to. And I guess it is a good question, a lot of people do get depreciation schedules are always after, “What is a depreciation schedule?” And “Who provides one?” And the first question being “What is a Quantity Surveyor?” A Quantity Surveyor is ultimately someone that provides construction cost advice and ultimately, it’s independent. So, the likes of the banks, the ATO, local councils, they need these reports to identify that cost that’s independent so that they could verify, and I guess in this case, make claims of tax deductions.
Paul Glossop: Yeah, okay.
Tuan Duong: And use if for depreciation.
Paul Glossop: Yeah, you summarised it quite nicely there. In saying that these are people that provide construction advice and costings. And you are the ones that are licensed to it and accredited to actually provide that advice which therefore goes to a pretty concise and compiled report, which effectively your accountant uses to look at if there is anything that they can knock off your tax on any financial year and other things when it comes down to capital works and things like capital gains, taxes and other aspects from probably a fundamental perspective. But I know from our discussions off-air, when you’re talking about your civil engineering background that there is a far broader area or arena, which the quantity surveyors do play like things on larger development; civil works, etc.
But I think for our residential property investors, I think, it is well worth personally from my side of things, understanding if it is going to be worthwhile engaging quantity surveyors such as Tuan, when you do secure an investment property or if you already have purchased an investment property but not actually taken out a depreciation schedule, first port of call for me is always have a chat and see if there is going to be value in getting that report. That for me is always the fundamental starting point. And it’s free to have that chat. And look, Tuan’s detail is at the bottom of the screen. You can get in contact with him or any member of his team via that number below and from our side of things from properties specific inquires or queries, feel free to give us a call at the contact details are at the bottom of the screen as well and we catch up with you soon. Cheers!