Home General How Will A Cost Planner Be Useful When It Comes To Tax Depreciation of Property?

How Will A Cost Planner Be Useful When It Comes To Tax Depreciation of Property?

by Olufisayo
Cost Planner

A cost planner or a cost estimator is the one who plays an important role in tax depreciation services. Also, known as cost engineer or manager, quantity surveyor, cost analysis and cost controller of a project, these professionals are in high demand for their beneficial services.

But before we delve deep into understanding how would a quantity surveyor be useful for preparing tax depreciation schedule, let us first have a brief idea of what do they do.

Cost Planner

Who is a quantity surveyor?

Basically, a quantity surveyor is supposed to be a professional costing consultant who deals with the construction sector. Generally they are qualified with the Bachelor of Construction Management degree or something that is similar to it. They are quite skilled with commercial construction management and cost planning, engaged right through the entire life-cycle of a project, that is, from the inception to the post completion stage.

Role of a quantity surveyor:

  • Managing the cost of any sort of construction project- be it a tunnel, home, bridge or a high-rise building, etc.
  • Working towards keeping the project under the expectedfinancial plan
  • Ensuring the project gets completed on time
  • Resolving all or any kind of dispute between the contracting parties
  • Ensuring that production and construction costs are properly managed as much as possible
  • Organisinginsurance replacement estimate for every kind of building, this includes homes.

Quantity Surveyor andTax Depreciation Schedule

The Australian Taxation office (ATO) estimates a quantity surveyor as a well-skilled professional who can access and program the overall price of construction and depreciation of a building as well as its fixtures. Even though there are accountants who can calculate a few of the claims, the ATO does not recognise them as qualified to estimate the overall cost of construction. You will anyway be paying for this work, then why not start with the very first step cautiously and invest widely? Let the experts of reputable construction surveyors Australia firms maximise your claims.

Maximise your depreciation claim

When it comes to maximising a depreciation claim it is important to have a thorough and complete knowledge about the Income Tax Assessment Act, case law, different kinds of pertinent income tax rulings together with professional construction costing expertise. The reason why it is important to get a quantity surveyor engaged with your work is because they will help to minimise the risk, as much as possible. Together with this, they would work towards maximising the amount of deductions accessible.

While preparing a proficient Capital Allowance and Tax Depreciation Schedule a quantity surveyor will make use of all the details and information that they have received from their respective client. Together with this they will include their own expertise in estimating the overall cost of construction, and go through a comprehensive inspection of the property to understand every item that is claimable. Together with a wide-ranging knowledge about the diverse and relevant tax legislation alongside several years of experience construing such legislation means Capital Claims will tend to report the maximum depreciation available. This will ensure investor claims which means each dollar to which they would be entitled.

To conclude

These professionals come with broad experience in areas of inspection, accessing, investigating and calculating depreciable deductions. They are always available to provide clients with continuing advices and assistance.

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