« »

Thursday, June 20, 2013

What is the role of a quantity surveyor in tax depreciation schedules?

Construction project management and consulting is sometimes carried out by quantity surveryos
Quantity surveyors assess replacements costs and serve as witnesses or arbitrators

A quantity surveyor is an important part of a construction project. Thus, he should possess the right skills and knowledge to make sure that he can fulfil his role in tax depreciation schedules and many others. Before you understand what the role of a quantity surveyor is in tax depreciation schedules, first you need to know what a quantity surveyor is. A quantity surveyor is a person who has completed an appropriate tertiary degree; he also has work experience that qualifies him as a member of the Institute of Quantity Surveyors.  

As a member of a team

A quantity surveyor is a member of a team of professional advisers in the construction industry. He works on various projects, including schools, hospitals office blocks, bridges, shipbuilding, oil refineries, railways, factories, process engineering works and anywhere a construction work is carried out. As one of the advisers, he helps estimate and monitor costs from the feasibility stage of the project up to its completion. He also works closely with financiers, suppliers, accountants, solicitors, engineers, project owners and all levels of government authorities.

a. Feasibilty period

At this stage, a quantity surveyor advises the project owner to achieve his requirement in the most economical way. He may use techniques such as cost planning, cost analysis, value management, estimating and cost-in-use studies to establish a project budget.

b. Design stage

At this stage, a quantity survey makes sure the design remains on budget.

c. Completion

At the stage, a quantity surveyor prepares the bill of quantities, issued with the specification for use of contractors to submit tenders. Generally, the quantity surveyor prepares the tenders and suggests alternatives for consideration.   

During construction

During construction, the quantity surveyor values the progress payments at regular intervals. He also values the changes to the quantities and designs, which may happen according to the proper rates of the Bill of Quantities, a document that lists the quantities of labour and materials in a construction project. By this time, he will have prepared claims for progress payments as well as additional work.  

After construction

After the construction, a quantity surveyor is involved with the tax depreciation schedules as well as replacement cost estimation for insurance, mediation, and arbitration. Usually, he is employed on major projects as a consultant on the owner of both public and private sectors. He also works as an academic, project manager, and developer in the disciplines of building and construction in financial institutions.   

When the construction is complete, the quantity surveyor produces the tax depreciation schedules of different project components, and advises on insurance replacement costs. In case of disputes, he also serves as an expert witness or arbitrator.  

Due to the complexity of the tasks involved in tax depreciation schedules, a quantity surveyor should have an organized and analytical mind. He should be prepared to work with inflexible schedules. Since the decisions that a surveyor make involve large amounts of money, it is important that he makes use of the right information to be accurate in all aspects of his work.

About the author: Brad is a guest blogger interested in real estate articles. He has written hundreds of articles in home improvement and real estate categories.

Image: Author owned and licensed

1 comment:

  1. the quantity surveyors decides how much of a job should be paid for at any one time. With interest rates the way they are, no one wants to hand over money before it is due.