Welcome to the on property podcast, your daily dose of property education and inspiration
with your host Ryan Mac Lane.
Ryan Maclane Choosing the right quantity Surveyor when you go and get a depreciation schedule
done could mean the difference hundreds or even thousands of dollars in what you were
able to depreciate on your property.
Now depending on what you pay in tax and how you work it out with your accountant, which
can mean a significant amount of money for you if you maximize your depreciation.
I have heard that as much as eighty percent of property investors are not maximizing the
depreciation that they can be claiming on their property.
So that’s money that you're giving to the ATO and just letting them play with it.
Today I sit down with Brad from BMT quantity surveyors, they are the largest quantity surveyor
company in Australia and I just want to ask him about what makes BMT different and why
would people go out and hire BMT over say a local quantity surveyor or a contractor
that they could get their hands on.
This is part 4 in a tan part series on depreciation you can see all the links to every episode
get a downloadable PDF version of the ten episodes by going to onproperty.com.au/depreciation
and if you listen to this one and you think ok well I’m interested in BMT and you want
to find out more about the costs of depreciation you can go to onproperty.com.au/148 which
is episode one hundred and forty eight when we talk more specifically about the costs
of depreciation.
So over to the interview with Brad to learn more about BMT.
Ryan Maclane So tell us about BMT who you guys are and can we get in contact with you,
explain your company image.
Brad Okay i have started BMT in 1998 the business started in 1997 we’re in a little [ Inaudible
] one of my business partner was one of my lecturers actually and I when for some experience.
In 16 and half years later I’m the managing director.
Now we have grown through the country doing depreciation schedules and lots of them so
we are now a business with 170 staff that is spread around the country so we have offices
in all stocks and people in all stocks and so we do this all over the country basically
and we concentrate on making sure we work with the accountant to help maximized those
deductions and helping look good and a lot of educationally really in the property industry
the real estate industry and you know depreciation schedule is something that so many investors,
with research in the past we have found that eighty percent of investors they’re not
maximizing deductions.
And that‘s ludacris its just not climbing things that you are suppose to climb.
So that’s a kind of opportunity for our education, if we tell people, look you should
really do this properly you have got to get some more money of your property investments
then it’s pretty easy for them to go maybe I should do that.
You know, organically growing over that period of time and I have a fantastic team now who
funded up to the top
Ryan Maclane So people all over the country use BMT now [ Inaudible ]
Brad Now we have cover Australia wide if you’re in wider areas then what we do is, you know,
I think of price like calculatedly we might go there like once every three or four weeks
[ Inaudible ] we will go to calculatedly they’ll do a jobs together at the time and we spread
it across to a number of jobs so we cover those wider areas
Ryan Maclane so one of the good things with BMT in the rural areas is that you have that
scale where there’s enough jobs to do in the regional area that you can send someone
out on a road trip for a week to get them done.
So it means that rural people aren’t going to be left without a depreciation schedule
or be left with a very expensive one because no one intend to fly from Sydney, Broken hill
or where ever they live.
Brad we cover those areas fairly well and normally if you call and say I have a property
and where ever it is [ Inaudible ] as an example the team will know how regular it is we go
to [ Inaudible ] and be able to give you maybe some indication to when we probably expect
to be there next most of the time and it generally do depreciation schedule for your tax most
of the time.
So it’s not like evaluation was made today for finance I need it for my tax return and
so we explain that to you up front and we always want the inspection done by our staff
that have being trained to do properly, so we don’t use any contractors for that or
anyone else it’s about making sure you get deduction work out properly and get everything
and make sure stocks, so it’s explain up front and most people will cover that.
Ryan Maclane so we told you a bit about BMT and what makes then different, obviously as
the largest quantity surveyor company in Australia it means they’re having plays all over the
country.
And one of the things I love about what they offer is that they have so many people and
such far range, is that people who are in rural areas can still get their depreciation
schedule done because they have enough in an area so they can send out the quantity
surveyors for road trips to go to those were areas and get a few jobs done all at once.
Now you don't need to get your depreciation schedule done immediately as soon as you buy
a property but it is likely that you're going to want to get it done before tax time, so
the early you call them especially if you're in a rural area the better chance you have
you going to get it done before you need it now prices of quantity survey is very and
BMT can’t be more expensive than other quantity surveyors out there.
Again you can check out their prices by going to onproperty.com.au/149 or you can go to
their website which is bmtqs.com.au but BMT are the market leaders for a reason, they
know the ins and outs of depreciation and they can get you the maximum depreciation
benefit for your investment property and truthfully they didn't pay me to say that I just really
appreciate Brad coming out to my house to be interviewed for the podcasts and I’m
more than happy to recommend that you go and check them out if you need to get a depreciation
scheduled done
Maximizing your depreciation can mean the maximum return on investment for you, if you're
considering investing in property it's very important that you understand the cash flow
benefits of depreciation and how that's going to affect your property that's why I've included
depreciation directly in the advanced property calculator this is a tool that I credit to
allow you to quickly and easily in seconds calculate the potential cash flows of any
property you're looking at.
Head over to onproperty.com.au/apc and check out the video about the advance property calculator.
So until tomorrow remember your long term success is only achieve one day at a time.