A Quantity Surveyor (QS) is a certified expert in construction cost management, specialising in providing accurate cost estimates, managing budgets, and overseeing project finances for residential, commercial, and industrial developments.
Beyond their role in construction, Quantity Surveyors are among the few professionals recognised by the Australian Tax Office (ATO) as qualified to prepare tax depreciation schedules—critical tools for reducing taxable income and maximising investment returns.
Key Responsibilities of a Quantity Surveyor
1. Cost Planning and Estimation
Quantity Surveyors play a vital role in construction project planning by offering detailed cost assessments and budget management services. Their expertise is essential for:
- Accurate Budgeting:
Helping clients estimate costs for materials, labour, and contingencies from the initial stages. - Supporting Construction Finance:
Preparing detailed cost reports to secure funding from banks or lenders. - Budget Oversight:
Tracking construction expenses to ensure the project stays within financial limits.
2. Depreciation Schedule Preparation
The ATO recognises Quantity Surveyors as professionals qualified to prepare tax depreciation schedules for investment properties. These schedules allow investors to claim deductions on:
- Plant and Equipment (Division 40): Fixtures and fittings like appliances, carpets, and furniture.
- Capital Works (Division 43): Structural elements of a building, such as walls, floors, and roofs.
Through depreciation schedules, investors can offset taxable income, significantly reducing their tax liabilities and enhancing cash flow.
Why are Quantity Surveyors Essential for Property Investors?
At TDQS, our qualified Quantity Surveyors deliver expert services tailored to your property and investment needs. Whether you’re embarking on a construction project or seeking to maximise tax deductions, our team is here to help.
Our Services Include:
- Comprehensive construction cost planning and estimation.
- ATO-compliant tax depreciation schedules for residential, commercial, and industrial properties.
- Budget tracking and financial oversight for your projects.
