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What Does a Quantity Surveyor Do?

There are numerous large construction projects out there. Ever thought who estimates or controls the construction costs?

Yes, the task of controlling and estimating the cost of construction projects is done by quantity surveyors.

 

They ensure that all the projects are up to the mark meeting the quality as well as legal standards. The involvement of a quantity surveyor is at all the stages of the project, so the clients rely largely on them for the final outcome for their value of money.

 

As a quantity surveyor there are a lot of responsibilities to handle like estimating the quantity, costs and timelines of the project so that the same information can be passed to the clients.

They are also known as cost consultants because the main task is to keep the project within budget. The responsibilities to be undertaken by a quantity surveyor are-

 

  • Preparing the quantity requirements as well as reviewing the construction plans.
  • Scrutinizing the material and maintenance costs to crack the best deals.
  • Liaising with the clients, managers, contractors and the sub contractors.
  • Preparation of the reports, analysis, budgets, contracts, risk assessment and various other documents.
  • Advisory services to the clients and the managers for adopting various new strategies and improvements thereon.
  • Keeping a check on the availability of the material and ordering when more is required.
  • Updating the budgets timely and documenting whenever there are changes in designs.
  • Maintaining and establishing professional relationships with the internal and the external stakeholders.
  • Travelling as per the requirements from offices to various construction sites.

 

 

Basically, quantity surveyors are involved in all aspects of the building process and have a thorough understanding of the costs involved from beginning to end.

This is why a quantity surveyor is best suited to cost your property for a depreciation schedule for your investment to help you maximize your depreciation claim and your return on investment.

One of the area the ATO often focuses it’s attention on is Rental Income and Expenses.

Rental Income

  • You need to ensure you include all the income you’ve received from your rental in your tax return, including short-term rental arrangements, insurance payouts, letting or booking fees, and rental bond money you retain.
  • Rental income also includes any money received for renting out a room in your property or any goods and services you may have received as a form of payment.
  • In this instance you would need to work out the market value of these goods and services and include this income in your tax return.
  • Rental income also includes any amount that you may have received as reimbursement from a tenant for damage they have caused where you have claimed the repair as an expense.

Rental Expenses

  • Rental Expenses fall under a couple of areas
  • These are immediate deductions which you can claim in the year you incurred them and include the following: interest on loan, rates, insurance, advertising, agent’s fees, repairs & maintenance etc you will find a full list on the ATO website.
  • Please be aware that these are only deductable to you if you have incurred them, and they are not paid by the tenant.
  • The other is deductions you can claim over several years for the decline in your depreciating property. This includes capital works & plant and articles.
  • Capital works covers a building, extensions eg adding a room, garage or pergola it also such things as adding or removing an internal wall, kitchens & bathroom renovations and any structural improvements. such as sealed driveways, retaining walls & fences. These items are depreciated over a longer 40 year period.
  • Plant and article covers, window coverings, flooring, appliances, etc. These items are depreciated over shorter periods of time as set out by the ATO guidelines for effective lives and allow you to accelerate your depreciation in the earlier years of property depreciation.
  • These deductions can vary greatly from property to property as there are varying factors to consider eg: age of the property and the plant and articles within.
  • We at Write it Off are more than happy to discuss your individual needs with you regarding your property to ensure you get the maximum amount of depreciation available to you.