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FAQ
Q. Define a qualified Quantity Surveyor and their duty?
A qualified Quantity Surveyor is an independent professional consultant to the property and construction industries. Their counsel is meant to benefit investors, builders, developers, financiers and private clients. Quantity Surveyors are recognized by the Australian Taxation Office (ATO) as aptly qualified to review and report construction costing and the depreciation of a building and its fixtures.
Q. How is claiming tax depreciation benefits on old properties treated?
Despite of your properties being old, or constructed prior to the qualifying date for capital works deductions i.e. before 17 July 1985 for residential properties, you can still receive some deductions. Such deductions may also include the cost of improvements done before your purchase e.g., concreting, painting, renovations. The value of plant and equipment items inside the property, like blinds, carpets, stovetops, hot water systems etc. also are claimable.
Q. When is a Quantity Surveyor considered qualified?
A Quantity Surveyor is considered qualified generally when they hold a Bachelor of Construction Management degree as a minimal requirement. They are also needed to be the members of the Australian Institute of Quantity Surveyors (AIQS). They must have broad experience in inspecting, assessing, researching and calculating depreciable deductions.
Q. Why a quantity surveyor is needed?
As per the ATO rulings, Quantity Surveyors are trained professionals to undertake depreciation reports. They are well versed in Construction Economics. They are deeply familiar with and comprehend well the tax law and what it costs to build properties.
Builders, developers, and property managers or real estate agents, are not considered qualified to do tax depreciation for properties and not even accountants are permitted to do such activities by law.
A qualified Quantity Surveyor is an independent professional consultant to the property and construction industries. Their counsel is meant to benefit investors, builders, developers, financiers and private clients. Quantity Surveyors are recognized by the Australian Taxation Office (ATO) as aptly qualified to review and report construction costing and the depreciation of a building and its fixtures.
Q. How is claiming tax depreciation benefits on old properties treated?
Despite of your properties being old, or constructed prior to the qualifying date for capital works deductions i.e. before 17 July 1985 for residential properties, you can still receive some deductions. Such deductions may also include the cost of improvements done before your purchase e.g., concreting, painting, renovations. The value of plant and equipment items inside the property, like blinds, carpets, stovetops, hot water systems etc. also are claimable.
Q. When is a Quantity Surveyor considered qualified?
A Quantity Surveyor is considered qualified generally when they hold a Bachelor of Construction Management degree as a minimal requirement. They are also needed to be the members of the Australian Institute of Quantity Surveyors (AIQS). They must have broad experience in inspecting, assessing, researching and calculating depreciable deductions.
Q. Why a quantity surveyor is needed?
As per the ATO rulings, Quantity Surveyors are trained professionals to undertake depreciation reports. They are well versed in Construction Economics. They are deeply familiar with and comprehend well the tax law and what it costs to build properties.
Builders, developers, and property managers or real estate agents, are not considered qualified to do tax depreciation for properties and not even accountants are permitted to do such activities by law.