- March 5, 2018
- Posted by: Melbourne Accountant
- Category: Property & Construction
Players in the property and construction industry have an impact on every facet of modern life. From residential and commercial construction to large infrastructure projects, to property developers or investors, businesses in this sector shape the world around us.
Fluctuating markets along with rigorous legislative and environmental regulations can present a challenge for property and construction businesses.
Those that are successful have the ability to make strategic and commercial decisions against tight deadlines in an uncertain regulatory environment. Whether you’re a residential property developer, a firm of structural engineers, or a multinational construction company you need an advisor that understands your industry.
Some of the services Nobel Thomas Melbourne Accountants provide are:
- Audit, accounting and tax compliance
- Specialist GST, Capital Gains Tax and Income Tax advice
- Economic forecasting and modelling
- Risk management
- Business strategy
- Capital raising
If you’re renovating one or more properties you need to work out if you are a personal property investor, engaged in a profit-making activity of property renovations, or carrying on a business of renovating properties. If you are ‘property flipping’ or ‘renovating for profit’ there could be tax implications.
If you build new residential premises for sale, you’re liable for GST on the sale, and you can generally claim GST credits for your construction costs and purchases related to the sale.
Businesses in the building and construction industry need to report to the ATO each year the total payments they make to each contractor for building and construction services.
Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.
You need to report these payments to us on the Taxable payments annual report by 28 August each year.
To make it easier to complete the annual report, you may need to check the way you currently record your contractor payment information.
The information that is reported is used for
- pre-filling purposes to make it easier for individual contractors to lodge their income tax returns
- data-matching purposes to ensure contractors comply with their tax obligations including lodging their tax returns, reporting all their income in lodged tax returns, complying with their GST obligations, and quoting their correct ABN.