Whether you work on residential or commercial construction projects we have you covered. No matter whether you are a concreter, building manager or the builder we will work closely with you to ensure your taxes and business is growing to help you focus on your next project. Taxable payments Annual reports must be lodged for contractors in the construction industry and special GST reporting requirements are all things to consider for both Employers and employees that conduct contracting services.
Who has to lodge a Taxable payments annual report?
- If you make payments to contractors in the building and construction industry
- If you have a valid ABN
What has to be reported?
- Contractors ABN
- Contractors Name
- Contractors Address
- Total amount paid to the contractor in the income year
- Any GST amounts
What is the GST Margin Scheme?
The Margin Scheme is an alternative way of working out your GST liability when you sell property. The amount of GST is one eleventh of the ‘margin’ for your sale (difference between the sale price and amount you paid to purchase the property plus additional costs).
These rules apply if you are in the business/enterprise of buying and selling property.
Contact us to find out how this may impact you.
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