A Quantity Surveyor is one of a team of advisers to the construction industry. As advisers they estimate and monitor construction costs, from the feasibility stage of a project through to the completion of the construction period.
Quantity Surveyors who are also depreciation experts are particularly skilled at costing construction works historically. Frequently we are required to estimate what the cost of construction was for a property that was built 1, 10, 20, 100 years ago.
That means costing up materials, labour, consultants fees and preliminaries. Additionally, as costing experts we professionally estimate the value of plant and equipment assets included in a residential property or commercial building.
Quantity Surveyors are typically degree qualified with a Bachelor of Construction Management, or something similar. It is these qualifications, along with official registration as a Tax Practitioner that makes Quantity Surveyors one of the few professions recognised by the ATO to estimate construction costs for depreciation purposes.
Buildings are depreciated from their construction cost at the time they were built, not their purchase price or their market valuation. That is why it is important to have a recognised professional such as a Quantity Surveyor prepare your depreciation schedule for ATO compliance.
Accountants, real estate agents and valuers are not recognised by the ATO as having the appropriate qualifications and skills to estimate construction costs for the purpose of depreciation.