Quantity Surveyor
The qualified professional who prepares your depreciation schedule.
Definition
A quantity surveyor (QS) is a construction-cost professional qualified to estimate the cost of building components and fixtures in a property. For tax purposes, only a quantity surveyor registered under the Tax Agent Services Act is qualified to prepare a depreciation schedule that the ATO will accept. The QS inspects the property (or reviews plans for newer builds) and produces a schedule listing Division 40 and Division 43 deductions for the remaining life of each item.
Related terms
Depreciation Schedule
A report from a quantity surveyor listing every deduction you can claim on a property.
Division 43 Capital Works Deductions
Claim 2.5% per year on the building's construction cost.
Division 40 Plant & Equipment
Claim depreciation on removable items: carpets, blinds, hot water systems, appliances.
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