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COST PLANNING AND CONTROL:  
CONTRACT ADMINISTRATION:
AUDIT SERVICES 
SINKING FUND FORECASTS: 
RETIREMENT VILLAGES – “Sinking Funds”:
REPLACEMENT COST OPINIONS (FOR INSURANCE):
TAX DEPRECIATION AND SPECIAL BUILDING WRITE OFF REPORTS FOR INVESTMENT PROPERTIES:

COST PLANNING AND CONTROL: Full cost planning of your project will ensure the project is designed and built to your budget requirements. Construction Cost Opinions are provided throughout the stages of design – inception – sketch design – design development – working drawings. Cost checks and comparisons are provided to test alternative material selections and design options.

BILLS OF QUANTITIES: The Bills of Quantities is an essential tool in providing cost control for your building project. It provides an equal basis for tendering, and tender analysis, and ensures variations and contract reductions are negotiated at correct values. The Bill’s further use in calculating values for progress payments ensures payments to builders are correct and overpayment does not occur.

Independent university research has proven the cost of providing Bills of Quantities is more than offset by the savings it achieves for the client.
Please contact us for a copy of this independent report.

CONTRACT ADMINISTRATION: We offer full post contract administration for your building project. Our services may include contractual advice, attendance at site meetings, verification of builder’s progress payments, negotiation and agreement of variations and builder’s claims, review and agreement of the builder’s final account. Our participation in the construction stage of projects gives our client’s the peace of mind knowing we are protecting their financial interests.

AUDIT SERVICES FOR FINANCIAL INSTITUTIONS: A full service is provided to banks and financial institutions to their individual requirements. This generally includes the provision of our initial report confirming project costs, approvals, insurances, program, a review of pre-sales contracts and projected cash flows. Our regular progress reports include our assessment of progress payments, on a cost to complete basis, monitoring of the project cash flow and payments to subcontractors.

SINKING FUND FORECASTS: Sinking fund forecasts have been mandatory for Bodies Corporate in Queensland since the implementation of the Queensland Body Corporate and Community Act 1997. Our forecasts ensure sufficient funds are raised to provide for anticipated expenditure on capital items in the current year and a reasonable proportion of anticipated expenditure in the following nine years.

Our reports are concise and easy for the layperson to follow and understand. Our reports are prepared following a visit to the property and any immediate maintenance work required is identified within our report.

Currently we have in excess of 900 sinking fund forecasts in our database representing buildings from duplex to multi-unit residential and commercial properties.

Our reports are prepared in close consultation with the body corporate committees and body corporate managers.

We offer a full ongoing update service for our clients.

RETIREMENT VILLAGES – “Sinking Funds”: We have significant experience in the provision of Maintenance Reserve Fund Forecasts and Capital Replacement Fund Forecasts for retirement villages, as required by the Retirement Villages Act 1999.

REPLACEMENT COST OPINIONS (FOR INSURANCE): Our replacement cost opinions for insurance purposes, provide the building owner or body corporate with a full assessment of the current costs of rebuilding. This includes and identifies separately provision for professional fees, cost escalation and demolition costs.

Currently we have in excess of 500 replacement cost opinions in our database representing buildings from single houses to multi-unit residential and commercial properties.

TAX DEPRECIATION AND SPECIAL BUILDING WRITE OFF REPORTS FOR INVESTMENT PROPERTIES:

Depreciation: Under income tax law you are allowed to claim deductions for expenses incurred in earning your assessable income. Some expenses, such as the cost of acquiring capital assets are not allowable. Capital assets are those that provide a benefit over a number of years – for example, in the case of investment properties, appliances, hot water services, light fittings, curtains and carpets.

The value of such assets gradually reduces over time as they approach the end of their effective lives. Assets that lose value in this way are said to depreciate. In recognition of this fact, the cost of capital assets used in producing assessable income can be written off over a period of time as a tax deduction.

Special building write off: Additionally you may deduct certain kinds of construction expenditure. In the case of residential rental properties, the deductions are generally spread over a period of 25 or 40 years.

Deductions based on construction expenditure apply to capital works such as building or an extension, eg adding a room or garage. Deductions are allowable only for the period the property is rented or is available for rent.

Reports: Our reports will provide you with appropriate values for both tax depreciation of plant and articles and for the special building write off. If required we can provide a schedule indicating the annual amounts of deductions for the next ten years.

Developers: We are pleased to provide property developers with indicative schedules of tax deductions for their marketing purposes.

Simplified Tax System: A simplified Tax System (STS) for small business taxpayers applies from July 1 2001. This provides significant advantages, for those taxpayers who are eligible and elect to operate under the STS, including allowing immediate write off for depreciating assets costing less than $1000 

“The following Australian Taxation Office (ATO) Rental Property Tax Depreciation instructional video highlights the role a quantity surveyor can play in evaluating the value of your rental property.” 

 

 

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