What is a quantity surveyor?
A quantity surveyor is a tertiary qualified professional who specialises in building measurement and estimates the value of construction costs.
The Australian Tax Office (ATO) recognises quantity surveyors as one of only a few professions with the required skills to calculate the cost of items for the purposes of depreciation (Tax Ruling 97/25).
Some quantity surveyors, like BMT Tax Depreciation, specialise in tax depreciation.
What does a specialist quantity surveyor do?
A specialist quantity surveyor documents each asset in a property and calculates the depreciable value to ensure that the investor maximises their deductions. This includes measuring rooms using a laser measurer, recording an asset’s brand or model number and photographing improvements at the property.
This information is used to prepare a tax depreciation schedule which outlines the depreciation deductions that can be claimed every year at tax time.
Why use a specialist quantity surveyor?
Only a tax depreciation specialist like BMT Tax Depreciation can be relied upon to maintain detailed knowledge of all current ATO Tax Rulings relating to depreciation.
We make sure to find every available deduction to ensure you pay less tax and see a greater return on your investment.
The difference in using a specialist quantity surveying firm is
reflected in a property investor’s bottom line.
BMT Tax Depreciation customers:
BMT Tax Depreciation Schedules are designed for accountants to easily incorporate into an income tax assessment.
All information is prepared in full compliance with ATO regulations, meaning that deductions are detailed and evidenced correctly in the event of an audit.
Industry qualifications protect investors
When choosing a quantity surveyor, it is important to check that they are members of the Australian Institute of Quantity Surveyors (AIQS). The AIQS is an industry body that assists its members to maintain compliance with industry regulations and Australian standards ensuring a high quality of service.
Quantity surveyors need to be registered tax agents in order to complete tax depreciation schedules for investment properties. Your quantity surveyor should be registered with the Tax Practitioners Board (TPB).
BMT Tax Depreciation’s qualified quantity surveyors are members of the AIQS. BMT is also registered with the TPB.
Our tax agents number is 53712009.
Quantity surveyor FAQs
Quantity surveyor FAQs
If you would like a tax depreciation schedule on your commercial or investment property, you’ll likely need to engage a quantity surveying firm to complete the tax depreciation schedule for you. Quantity surveyors are one of the select few professions qualified to complete tax depreciation schedules for investment properties under ATO taxation ruling 97/25.
A quantity surveyor report, is a report produced by a qualified quantity surveyor, for building and costing work. This type of report can cover many areas, including costing and estimating of building works. A tax depreciation specialist quantity surveyor’s report is also known as a depreciation schedule and outlines the claimable depreciation deductions for capital works and plant and equipment depreciation.
Quantity surveyors are one of the few professionals recognised by the ATO to have the appropriate construction costing skills to estimate the cost of a building and its fixtures and fittings for the purposes of depreciation. Our quantity surveyors have extensive experience in estimating construction costs for all types of buildings from residential and commercial to industrial, medical and rural. Construction costs are estimated in today’s market and historically written down to the year of construction using yearly cost indices.