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What Are Quantity Surveyors (QS)?
A Quantity Surveyor is a construction professional that specialising in estimating construction costs.
A QS’s services can include cost planning for future construction projects, monitoring/controlling costs throughout a build, or preparing tax depreciation schedules for property investors.
Quantity Surveyors and Tax Depreciation
At Washington Brown, we specialise in maximising tax deductions for property investors, through the preparation of tax depreciation schedules.
These depreciation reports enable an investor to claim the wear and tear of their investment property against their taxable income.
A QS will estimate the original construction cost of the property you have purchased, along with any renovations, and calculate a yearly depreciation claim for your tax return.
See an example Depreciation Report here.
Do I Need a QS?
When the ATO released Tax Ruling 97/25, it recognised QSs as the appropriate professionals to prepare depreciation schedules.
Preparing your own depreciation schedule, or having your accountant estimate construction costs, can lead to lower claims or even ATO penalties.
Need a QS in Your City?
Here are some of the areas we service:
quantity surveyors Articles:
Over the years, I have worked with all sorts of property developers and builders. From that, I have to say the smartest and the most successful ones are those who get their hands dirty. They do the work and they are smart. For me, good developers have foresight. They see potential in sites and suburbs well […]
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Since our beginning, well over 40 years ago now, Washington Brown has always placed as much importance on achieving the maximum ATO-Compliant deductions for our clients as we have on ensuring the highest levels of Customer Service and Satisfaction. With these aspects being at the core of the business’ values, we are understandably both proud […]
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How Much Does a Depreciation Schedule Cost? Typically, you could expect to pay between $385-$770 for a depreciation schedule. Your fee will vary based on the property type, location and complexity. $500-600 is a fairly standard price for an established, residential home. In these circumstances, the properties aren’t brand new. This usually means you’ve purchased […]
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Go on holidays and claim depreciation! The ATO has recently announced a crackdown on property investors over-claiming deductions on holiday homes; this includes depreciation. If you’ve been on holiday, it’s straightforward to get caught up in the romance of owning your own holiday home. The purchase price, stamp duty and mortgages offset by the rental […]
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DIY Depreciation Schedules As an expert in the market I am baffled by the number of companies offering do-it-yourself depreciation schedules. Not only are there some potential legal issues but, more importantly, you will be missing out on deductions. The DIY option generally gives you a tick sheet and asks you to take your own […]
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Fancy a villa in Tuscany? What about a Condo in LA or Loft apartment in New York? I do! But can I claim depreciation on this property… The short answer is yes! What’s the difference? The main difference, however, is in claiming the building allowance – that’s the wear and tear on structural elements of […]
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Well, to be honest, I actually wanted to be an architect – but didn’t get the marks. My brother-in-law, who was a property developer, saw that I liked construction and that I was good at maths so suggested that Quantity Surveying might be a good fit. The year was 1989 and off I went to […]
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These days I like to drop my daughter off to school as much as I can. I know soon enough she’ll be embarrassed of me – so better make hay whilst the sun shines right? The other day as I was dropping her off, I looked across the road and noticed something strange. I said […]
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