Do you know what the role of a Quantity Surveyor is?
It’s a title that causes confusion, with many people associating the job with the Cadastral Surveyors you sometimes see measuring angles and distances with tripods on the side of the road.
Quantity Surveyors play a different role and are qualified professionals specialising in building measurement and construction cost estimation.
Quantity Surveyors are required at various stages throughout a building’s construction. However, some specialise in calculating construction costs of residential and commercial buildings for property depreciation purposes. This includes measuring and calculating historical construction costs for claiming building write-off based on the cost of the structural element of buildings.
Their skills are so valued that Quantity Surveyors are recognised under Tax Ruling 97/25 as one of the few professions with the ability to calculate costs for the purposes of depreciation. Quantity Surveyors are also required to be registered tax agents.
When an investor engages BMT Tax Depreciation for a depreciation schedule, we will carry out a site inspection of the property to identify and record the contained assets to calculate their deductions.
A specialist Quantity Surveyor documents every qualifying asset in a property and calculates their depreciable value to ensure that the investor maximises their deductions. This includes measuring rooms with a laser measurer, recording assets’ brand or model numbers and photographing improvements at the property.
Quantity Surveyors ensure full compliance with Australian Taxation Office (ATO) regulations, meaning all deductions are accurately evidenced in the event of an audit.
BMT Tax Depreciation CEO Bradley Beer says that the most rewarding aspect of the job is showing investors the difference that claiming depreciation will make to their bottom line.
“Investors are very happy when they learn they will save thousands of dollars each year by claiming depreciation,” Bradley said.
“There are so many property investors who simply aren’t aware of depreciation or don’t maximise their claims.”
Bradley and the team at BMT have completed site inspections on all property types ranging from residential houses and apartments to commercial properties such as hotels, industrial warehouses, farms and even multimillion-dollar wineries. No stone is left unturned when it comes to recording and valuing assets.
“I did a site inspection for The Block 2018 apartments at The Gatwick and recorded every light fitting, smoke alarm and piece of furniture,” Bradley explained.
“Investors are often surprised by what they can claim and the lucrative deductions that can be found at their properties.”
The thoroughness of BMT’s Quantity Surveyors helps investors to capture every asset and ensure they maximise their depreciation deductions.
BMT Quantity Surveyors specialise in tax depreciation and have a detailed knowledge of current ATO Tax Rulings. They are members of the Australian Institute of Quantity Surveyors (AIQS), ensuring compliance with industry regulations and Australian Standards.
BMT Quantity Surveyors are also registered tax agents with the Tax Practitioners Board (TPB). The TPB is the national body responsible for the registration and regulation of Tax Agents ensuring compliance with the Tax Agents Services Act 2009 (TASA).
For more information on the role of a Quantity Surveyor, contact the expert team at BMT on 1300 728 726 or request a quote today.