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COST PLANNING AND
CONTROL: SERVICES
WE OFFER INCLUDE:
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.
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 |
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©
Graham Lukins Partnership Pty Ltd 2007 |
