Q. A qualified Quantity Surveyor! Who is he?
A qualified Quantity Surveyor is an independent professional consultant to the property and construction clientele. They offer counsel to investors, builders, developers, financiers and private clients. Quantity Surveyors are recognized by the Australian Taxation Office (ATO) as rightly qualified to assess and report construction costing and the depreciation of a building and its fixtures.
Q.B Can I claim tax depreciation on old properties?
Yes. Even if your property was constructed before the qualifying date for capital works deductions or before 17 July 1985 for residential properties, you can, in present times, also receive some deductions.
Such deductions may include the cost of improvements before your purchase e.g., concreting, painting, renovations. It may also comprise of the value of plant and equipment items inside the property, like blinds, carpets, stovetops, hot water systems etc.
Q.C What qualifications should a Quantity Surveyor hold?
Quantity Surveyor generally are degree qualified with a Bachelor of Construction Management as a minimum need. They are also members of the Australian Institute of Quantity Surveyors (AIQS). They have broad experience inspecting, assessing, researching and calculating depreciable deductions. They are available to you and your advisers for continuous advice and assistance.
Q.D Why should I use a quantity surveyor?
According to the ATO rulings, Quantity Surveyors are the appropriate professionals to make depreciation reports. They are trained deeply in Construction Economics. They have it as their profession to be familiar with and comprehend tax law and what it cost to build things. Builders, developers, and property managers or real estate agents, none are suitable to do so. Not even accountants are allowed to do it. It always is beneficial to get the correct advice.