Quantity Surveyor Services
Many people have no idea what a quantity surveyor does. They often hear the term, and they don’t understand what these professionals do.
The issue is made even more confusing because there are two significant groups of quantity surveyors and two types of services that quantity surveyors provide.
The first group is depreciation specialist quantity surveyors. These professionals engage in the costing processes of properties, whether in construction or already built. From this work, they create a depreciation schedule that is used for tax purposes. A depreciation schedule can reduce an investor’s tax burden by allowing them to write off a portion of the value of an investment.
The second group is generalist quantity surveyors who do not specialise in depreciation schedule generation. Instead, they are responsible for ensuring that the plans and specifications used to build a property from start to finish stay within budget.
In general, from cost assessment and evaluation to the final stages, these quantity surveyors provide relevant advice on all aspects of capital spending. In some ways, they act as an accountant for construction projects. They are experienced construction experts who can help you with most parts of the project, such as procurement, construction methods, and legal or contract issues.
Depreciation Specialist Quantity Surveyor Services
As discussed above, there are quantity surveyors that specialise in providing and preparing depreciation schedules for taxes for investors in property.
When an investor buys a property, the ATO allows for the profits gained from the property to be offset by its expenses. Depreciation schedules allow investors to maximise the extent of these tax savings.
Depreciation accounts for the fact that properties have a limited lifespan and decline in value for accounting purposes over time. This depreciation is an expense for the property owner and can be used to lower the income tax they would otherwise have to pay.
In order to obtain a depreciation schedule, an investor requires the services of a specialist quantity surveyor. These quantity surveyors need to be experts on both the costing and valuation of plants, property, and equipment, but also on tax rules and regulations.
A qualified quantity surveyor will be registered with the ATO as a tax agent. This is important because it ensures the surveyor is legally registered with the ATO to prepare tax schedules for investors in property.
They will use information related to the property’s construction, renovation, or purchase price in order to provide an accurate depreciation schedule for income tax purposes.
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FAQs
What is depreciation specialised quantity surveying?
A quantity surveyor with a depreciation specialisation will use their expertise to create a schedule that details all the deductions a property owner may claim for building, plant, and equipment items. The property owner and their accountant can then use the schedule to calculate the relevant deductions when filing their yearly tax return.
What is a depreciation specialised quantity surveyor?
Tax Ruling (TR) 97/25 acknowledges quantity surveyors as one of a small set of experts qualified to offer cost estimates on properties for depreciation purposes.
These individuals must be registered tax agents under the 2009 Tax Agent Services Act if they complete depreciation schedules professionally. The ATO charges them to behave ethically and professionally while adhering to all regulations.
A registered tax agent must have relevant training in taxation, finance, and law. They must also be familiar with legislation concerning depreciation schedules, capital works expenditure, and other related tax laws.
A quantity surveyor may be a member of the Royal Institute of Chartered Surveyors or the Australian Institute of Quantity Surveyors. These organisations offer certification for their members, which is an additional mark of professionalism. Additionally, these associations provide guidelines and ensure the accuracy of members’ depreciation schedules.
Who needs a depreciation specialised quantity surveyor?
Anyone who is a property investor can benefit from the services of a quantity surveyor with depreciation specialisation. They can commission a qualified quantity surveyor to provide requisite depreciation schedules for an investor’s property portfolio.
An accountant will use those schedules to determine the full extent of any deductions to be claimed on a tax return. This will allow investors to maximise their tax returns and minimise their tax liabilities while at the same time providing them with more free cash flow over the course of the year.
Why do you need a depreciation specialised quantity surveyor?
Quantity surveyors develop tax depreciation schedules for property tax purposes once construction is completed.
The tax advantages of a depreciation plan can be substantial. The total benefits of tax deductions available to property investors across Australia may well be in the hundreds of millions of dollars.
An investor has to have a fully compliant quantity surveyor conduct an onsite evaluation of the property and then construct a depreciation schedule that relies on this evaluation in order to be eligible for these valid tax benefits. The ATO will not recognise calculations of tax depreciation savings for an investment property made from just an office.
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Generalist Quantity Surveyor Services
Most quantity surveyors have not gone through the rigorous process to become tax depreciation schedule specialists. Instead, they choose to be generalist quantity surveyors.
Typically, construction companies and related businesses hire generalist quantity surveyors to work on their projects. They rely on years of experience and expertise to complete construction cost estimates for properties.
After all, one of the most important things that a construction company needs to do is manage its costs. It must be able to calculate the cost of each portion of the building, and the company needs to know how much it will take for them to complete this project on time.
An excellent general quantity surveyor will help you by providing services like estimating the expenses related to each part of the property under construction and evaluating different alternatives regarding materials used for every aspect so that you can manage your money effectively without compromising on quality at any point during the course of the project.
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FAQs
What does a general quantity surveyor do?
Quantity surveyors have a wide range of responsibilities, including working for both clients and contractors. They will advise clients on the expenses for conceptual drawings and continue to develop this throughout the planning and design process. They will oversee the contractor’s selection, cost out the work as it advances on the job site, and settle on the contract sum. For contractors, they will quantify the materials needed for the project, help find subcontractors, agree on monthly asset values with the client, and ultimately, prepare the final invoice.
At what stage should you hire a general quantity surveyor?
You should consult a quantity surveyor early in the process. They may do pricing even with a simple outline sketch of the project. These initial assumptions can then guide the design process. It makes no sense to have a beautifully designed building made of expensive components if it’s too costly to construct. Quantity surveyors may assist by being a part of the team and providing the designers with specifications and constraints. The quantity surveyor will help the client to get a handle on the expenses as quickly as possible.
It would be best if you considered hiring a quantity surveyor at the same time you choose an architect. After all, there’s no use in preparing if you can’t afford it, and customers regularly have unreasonable price expectations. A qualified quantity surveyor can estimate the cost of labour and materials, as well as the time it will take to complete the project. This is tough to do for someone who isn’t a builder. You can also use a quantity surveyor to resolve client-builder disputes. When a construction project turns out badly, they frequently work on settlements. A quantity surveyor can tell if the customer is being taken advantage of.
What size projects require a general quantity surveyor?
A quantity surveyor might work on anything from a minor addition for a home to a multimillion-dollar project.
A quantity surveyor can save money on residential projects, and they can help to mitigate risk. Without a quantity surveyor, the project will go to planning and bidding with no additional layer of cost verification, increasing the risk of going over budget. In contrast, with a quantity surveyor, customer goals are matched with their budget from the start.
Why use a general quantity surveyor on your project?
Quantity surveyors have a broad understanding of construction and a high level of technical expertise. A quantity surveyor can appropriately advise on all facets of capital spending, mainly functioning as a ‘building project accountant’ from cost estimation and planning to the final account phases. You will be hiring an experienced construction specialist who can assist you with most elements of building, including sourcing, construction procedures, legal concerns, and so on. This makes a quantity surveyor an essential team member.
A quantity surveyor will reduce all of your expenditures to a minimum level. A quantity surveyor may manage not only your prices but also design strategies, work plans, and programmes.
Construction agreements can be complicated, especially if they include modifications to the standard form. A quantity surveyor can help with contractual issues as well. A quantity surveyor can help you navigate regulatory and contractual obligations, ensuring that both parties are treated equitably.
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Our Services
Every one of our quantity surveyors is fully qualified to undertake generalist duties. But what makes our firm exceptional is that all our quantity surveyors have met the stringent standards to become specialists in tax depreciation schedules.
Every member of our quantity surveyor team has been universally registered as a tax agent and is an expert in creating depreciation schedules for real estate investors – whether they invest in residential or commercial properties.
Our experienced professionals have worked with some of the biggest names in Australian business, so you can rest easy knowing our work will be top-notch every time.
If you want to reduce tax costs and increase profits, then it’s time to hire a quantity surveyor. Let us maximise the depreciation deduction that you are entitled to and put money into your pocket rather than the ATO’s.
Your free cash flow will increase, and you’ll have more capital available. Whether you take those funds as profit or put them into other ventures, you’ll have a much stronger financial position thanks to your decision to seek professional help.
And if you’ve already had a depreciation schedule prepared and need a review or reassessment, we can also help with that. With the skills of our team, we’re confident in saying that no matter how complicated your tax return is, we can work out how to maximise your deductions.
Australia's Top Quantity Surveyor Services
With tax being one of the most significant costs for most businesses, you should strongly consider hiring the services of a quantity surveyor. Our job is to evaluate your property and calculate depreciation so that you can save money on taxes.
Contact us today if you want more information about how we can help you save money on your next project. With over 20 years of experience in the construction industry, we have learned everything there is to know about property depreciation schedules.
Let us show you precisely what makes us different from other quantity surveyors out there.
The experience of our registered tax agents, our expertise in depreciation schedules, and the competitive rates that we charge are just some of the reasons why you should consider us.
We will inspect your property and provide your accountant with the most accurate depreciation schedules available. We’ll create both straight line and accelerated schedules for all property, plant, and equipment so that you can choose the method to maximize your deductions.
We will take into account all factors that affect tax depreciation, including the type of asset, the date you purchased it, and its individual characteristics. You can rest assured that our work is accurate and done to the highest standard every time.
Contact us for an obligation-free chat about what we can do for you. Call 1300 313 542 or send us a message using the contact form on our website, and start putting the untapped money in your investment property to better use.