Cost Summary Report

November 22, 2023

What is the purpose of the cost summary report?

A cost synopsis document provides cost approximations associated with a developmental venture. It functions as a mechanism for local councils to assess the financial viability of the project and determine the requisite contributions towards its development. This report delineates the expected expenditures linked to the proposed project’s construction.

What information is included in cost summary reports?

A cost summary report typically includes information on the following:

  • The nature of the project – encompassing residential, commercial, or industrial property development.
  • The scope of the project – covering the overall development area, dimensions of individual units, and the building’s square footage.
  • Projected construction expenses – including approximations for materials, labor, site demolition, or groundwork costs.
  • Projected indirect expenses – like planning and legal fees.
  • Projected profit margin – representing the anticipated earnings the developer aims to achieve from the project. The precise details featured in a cost overview report will fluctuate based on the development type and the council’s stipulations.

How to submit the report?

The process for submitting a cost summary report will vary depending on the council’s requirements and the type of development. However, submitting the cost summary report usually involves the following activities:

Checking the council’s website for specific requirements – it’s important to familiarize yourself with the requirements of your local council,

Completing the form – The form you need to complete is usually a standardized template provided by the local council,

Attach supporting documentation: To make the report valid, you need to submit all the supporting documentation, such as DA or builders’ quote

Submit the cost summary report to the council

Await the council’s review: After submission, the council will review the report and determine whether to approve the development of your project or not.

What are the sources of information used in the report?

The information used to prepare a cost summary report can originate from various sources, including:

The applicant’s own estimates: This source may not be entirely accurate as the applicant’s estimates could be incorrect or incomplete.

Industry standard costs: While this can be a somewhat reliable data source, it is essential to consider the specific costs associated with your particular project.

The advice of a quantity surveyor: Quantity surveyors are highly knowledgeable and experienced in providing accurate cost estimates, making them the most reliable source for creating this report.

Who can prepare the cost summary report?

Should the projected expense of your project exceed a threshold set by the local council, engagement of a Quantity Surveyor becomes mandatory to compile and authenticate the construction costs. The cost estimation must align with section 25J of the EPAA 1979 and should be formulated by a certified Quantity Surveyor affiliated with the Australian Institute of Quantity Surveyors (AIQS). Conversely, if the anticipated development expense falls below the council’s specified limit (all amounts under $150,000), individuals initiating the project can independently generate the cost synopsis reports.

How PBAQs can help you with cost summary reports?

With years of QS experience as experienced professionals, we can assist you with various documents required by the NSW council, including the cost summary report necessary for your development application. Once you complete the form on our Contact page, we will promptly respond with a quote.