Investment property owners often rely on a range of professionals to ensure they are receiving the maximum return and are not overspending where unnecessary.
A Quantity Surveyor is a professional who specialises in estimating the value of construction costs and other assets. Quantity Surveyors may get involved at various stages: prior to construction, during construction and postconstruction. We use our skills to determine the cost of building works and fit-out, whether we're looking at a residential property or any of the structures and assets within the vast spectrum of commercial properties.
Quantity Surveyors are one of the few professionals recognised by the Australian Taxation Office to have the appropriate skills to calculate the cost of items for the purpose of tax depreciation. The values we provide are unique: they're not a market value or a replacement cost. Instead, construction costs are estimated using today's values and then historically indexed to the year of construction. Meanwhile, we value plant and equipment items (commonly known as fixtures and fittings) to reflect their potential to contribute to a property's ability to produce income.
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. In addition to being accredited by the AIQS, it is also important to check that your firm are registered tax agents with the Tax Practitioners Board (TPB). The TPB is the national body responsible for the registration and regulation of tax agents ensuring compliance with the Tax Agents Services Act 2009 (TASA). Quantity Surveyors need to be registered tax agents to complete tax depreciation schedules for investment properties.
BMT Tax Depreciation are Quantity Surveyors who exclusively specialise in property tax depreciation. We have the complex skills and over twenty years of experience to ensure that our depreciation schedules maximise deductions for investors, unlocking the full cash flow potential of their property.
ABOUT THE CONTRIBUTOR
Article provided by BMT Tax Depreciation. Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation. Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia-wide service.