TAX DEPRECIATION SCHEDULE – TIPS | CHOOSING THE RIGHT QUANTITY SURVEYOR
Not choosing the right Quantity Surveyor could cost you significantly in the long run. Comparing on fee alone is a big mistake as the service provided will differ. Each Quantity Surveyor has a different set of skills, whether this is specializing in cost planning, residential property, infrastructure or commercial construction. We must first look at whether the company or Quantity Surveyor you are looking to engage will be a member of one or both professional associations in Australia. This includes the RICS (Royal Institute of Chartered Surveyors) or the AIQS (Australian Institute of Quantity Surveyors) Both professional associations have different levels of memberships from Graduate Members to Fellows.
It is important to select a Quantity Surveyor who has a minimum Full Member Grade. You will notice they use the initials MRICS or MAQIS to identify the member grade. As you are looking to complete a Tax Depreciation Schedule you will also need to select a Quantity Surveyor who is a registered tax agent with the Tax Practitioners Board (TPB). You can visit the website of the TPB and complete a search which will show if they have a registration number or whether they have any suspensions recorded.
This is the minimum requirement to look out for. You should then look to select a Quantity Surveyor who has experience in estimating costs for your asset. This is not has important for residential property as commercial property estimating however still an important consideration. Remember not all Quantity Surveyors are Tax Depreciation Specialists who have a thorough knowledge of the current tax legislation which is complex. If you would like to talk to one of our specialists please give us a call.