What is a Quantity Surveyor - Koste Chartered Quantity Surveyors
What is a Quantity Surveyor?

A quantity surveyor is a professional specialising in building measurement and construction cost estimation. In addition to providing estimates for buildings, quantity surveyors also prepare reports on capital allowances and depreciation for property owners. These reports by tax depreciation quantity surveyors help investors reduce taxes and comply with the Australian Taxation Office (ATO) requirements. The ATO permits quantity surveyors to guide property investors in claiming the decline in value of buildings and fixtures for tax purposes under Tax Ruling 97/25.

A qualified quantity surveyor professional typically completes an accredited Degree qualification such as a Bachelor of Quantity Surveying. In addition, a qualified quantity surveyor is then required to attain at least two-four years of on-job training before undergoing a competence interview and joining the Australian Institute of Quantity Surveyors (AIQS) either as a member or becoming a Chartered Quantity Surveyor with the Royal Institution of Chartered Surveyors (RICS).

As a Regulated Provider with the RICS, see our CEO interview Nick Hudson from the RICS on the importance of engaging a qualified Quantity Surveyor.

Other Commitments of a Quantity Surveyor

While your quantity surveyor’s role may revolve around the conventional cost estimation and depreciation schedule preparation, in the real sense, you’ll find them helpful in a lot of other areas throughout the construction process; from pre-construction to post-construction. They also assess progress claims during the construction phase and are involved as an expert witness during the post-construction phase. 

  • Preparation of Feasibility Studies
  • Estimating to define project budgets
  • Cost estimation advising the design team
  • Planning costs at design stage
  • Preparation of Bills of Quantities (BOQ)
  • Preparing and Evaluating Tenders
  • Preparation of Feasibility Studies
  • Estimating to define project budgets
  • Cost estimation advising the design team
  • Planning costs at design stage
  • Preparation of Bills of Quantities (BOQ)
  • Preparing and Evaluating Tenders
  • Preparation of Feasibility Studies
  • Estimating to define project budgets
  • Cost estimation advising the design team
  • Planning costs at design stage
  • Preparation of Bills of Quantities (BOQ)
  • Preparing and Evaluating Tenders

Types of Quantity Surveyor

Consultant Quantity Surveyors

Consultant Quantity Surveyors are professional quantity surveyors (PQS) whose mandate relates to project costing and managerial functions. A PQS essentially provides their clients with project costs before design work. Still, they will share their input throughout the client project, thus their managerial role.

This is the most common category of quantity surveyors. They will perform a range of tasks, including cost planning and estimation, cost-benefit analysis, value management, valuation, feasibility study, life cycle costs, and dispute resolution.

These professional quantity surveyors’ vast industry knowledge and technical know-how enable them to detail client work and offer guidance to owners and construction employees.

Construction Estimator/ Contractor’s Surveyor

A contractor’s quantity surveyor operates under the primary contracted company in pre-construction, during, and after completion. In addition, a construction estimator performs a range of crucial roles other than estimating costs. They will also undertake administrative duties, project planning and management, and periodic project checks.

The role of a professional quantity surveyor and a contractor’s surveyor isn’t so different; the latter, just like the former, will be involved in operational roles, including estimation of work and the associated costs.

Construction Estimator/ Contractor’s Surveyor

A contractor’s quantity surveyor operates under the primary contracted company in pre-construction, during, and after completion. In addition, a construction estimator performs a range of crucial roles other than estimating costs. They will also undertake administrative duties, project planning and management, and periodic project checks.

The role of a professional quantity surveyor and a contractor’s surveyor isn’t so different; the latter, just like the former, will be involved in operational roles, including estimation of work and the associated costs.

While understanding who a professional quantity surveyor is and the various types are vital, grasping the real reason why you need them is fundamental. As alluded to earlier, the ATO allows investors to claim the decline in value of their assets against their taxes.

The deductible amount will depend on the value and the property’s age, but generally, it ranges between 2.5% and 4% of the value of the capital works of the building. Capital works may comprise the cost of land, construction, and renovation.

Through a tax depreciation expert called a quantity surveyor, a property owner can claim these tax benefits with the help of a depreciation schedule. A depreciation schedule is a report prepared by a quantity survey firm such as Koste Quantity Surveyors. A QS will prepare a tax depreciation schedule after purchasing or constructing a building for property tax depreciation.

 

Book in a call to receive a free tax depreciation estimate.

If you have recently purchased an investment property or even if you
have been a long-time investor, give Koste a call to discuss how we can
help you reduce your taxable income and improve your cash flow.