The Quantity Surveyor (QS), also known as a Construction Economist, or Cost Manager, is one of a team of professional advisers to the construction industry. They are experts in the measurement and monitoring of construction costs throughout the lifecycle of a property, from the feasibility stage of a project through to the completion of the construction.
Maximising a client’s financial position in relation to their property’s assets is their specialty and with their education, experience and training, they are able to provide reliable figures upon which to base a property tax depreciation schedule.
To provide you an example of the expert knowledge a quantity surveyor has in relation to construction costs, lets asses something as simple as a concrete. A square meter may be worth $100 per square meter, but how did we arrive to this number? Some aspects include:
- Excavation of the area
- Provision of sand underlay
- Termite protection and lay builders film
- Formwork to support concrete pour
- Reinforcement to provide the appropriate strength
- Concrete to provide the appropriate finish
- Labour to items 4-6
- Pumping concrete into place
- Saw cutting and expansion points during and after concrete placing
- Curing the concrete after placing
- Sundries such as slip joints, construction joints, ties, additional additives to strengthen concrete
- Cleaning and removal of formwork on completion
To ensure this level of detail is followed by the quantity surveyor you choose to undertake your tax depreciation schedule, do your homework about the individual and ensure they are qualified and registered with Australian Institute of Quantity Surveyors. You can visit the Australian Institute of Quantity Surveyors website at www.aiqs.com.au, navigate to the “Membership Centre”, and then search the individual in the “Membership Register”. Some details to look out for which reflect their experience and expertise are as follows:
- Their grade of membership. Ensure they are either an Associate, Member or Fellow.
- Their designation with the AIQS. If they have “CQS” (Certified Quantity Surveyor) at the end of their name, this represents highest level of expertise within the profession and is recognised by the community, industry and government as a professional and responsible contributor to the industry.
If your investigations appear to differ from the points mentioned above, please consider your situation if your aim is to maximise your tax depreciation.
Samuel Star, Principal of Archi-QS, Associate members of the AIQS, with CQS designation, and a registered tax agent by the Australian Tax Practitioners Board, fits the equation for completing your tax depreciation schedule. Samuel is also a reliable panel member and service provider for most major and second tier financial institutions across Australia.
Contact us today on 02 9586 4401 or email us at admin@archi-qs.com.au to order a tax depreciation schedule for your investment property.