Frequently Asked Questions
What is Project Management?
Supervise design and preparation of contract documents on a project. Control, manage and co-ordinate the necessary approvals for, and the completion of, the construction by a licensed contractor. AQS have completed various significant Sunshine Coast building projects.
What is Property Depreciation?
As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a rental & investment property depreciation deduction related to the building and plant and equipment items contained within it. There are more than 1500 items identified by the ATO as depreciable assets, and Accord QS Tax Depreciation constantly liaise with the Australian Taxation Office on the latest updates. In order to claim these depreciation deductions, investors are encouraged to enlist a specialist Quantity Surveyor to complete a comprehensive, personalised tax depreciation schedule. A depreciation schedule outlines the deductions available on a specific property for the life of the property and is used by the property investor’s Accountant when preparing a tax return. A Accord QS Capital Allowance and Tax Depreciation Report includes a detailed outline of two major components:
- Capital Works Allowance
- Plant and Equipment
What is Tax Depreciation?
As the owner of an investment property you’re entitled to claim depreciation on your building and its fixtures and fittings. Claiming depreciation is a significant taxation benefit, and one which many investors are unaware of. Depreciation is a non-cash deduction – you do not need to spend any money to claim it.
What is a Quantity Surveyor?
Quantity Surveyors are a team of professional advisers to the construction industry. As advisers they estimate and monitor construction costs, from the feasibility stage of a project through to completion of the construction period. At feasibility stage, quantity surveyors use their knowledge of construction methods and costs to advise the owner on the most economical way of achieving their requirements.During design the quantity surveyor ensures that the design remains on budget through Cost Management and Cost Planning. We are local to the Sunshine Coast and use our local knowledge to manage this efficiently. During Construction the quantity surveyors value progress payments at regular intervals. They also value changes to design or quantities which may arise by reference to the tended Bill of Quantity rates.On completion they may be involved with tax depreciation schedules, replacement cost estimation for insurance purposes. Bobby is a registered Expert Witness and may be able to assist in court, mediation and arbitration reports. Your QS (Quantity Surveyor) is well placed to provide an independent and impartial role on cost issues. Building contracts always commence amicably, but sometimes degenerate into litigious battles to address the perceived rights and wrongs of the contract, especially when it comes to variations on large projects. The involvement of an independent and impartial QS often enhances the willingness of all parties involved to make it work.