Accounting for the Building and Construction Industry
Recent data trends suggest that the Perth property market is beginning to recover after years of decline. Perth is now the most affordable state capital to build in, and with talks of another mining boom in the midst, there are exciting times ahead for the building & construction industry in Perth and WA.
This industry is faced with unique operational and regulatory challenges. Competition and price sensitivity is high which leads to pressure on maintaining profitability. There are also strict tax and compliance requirements for the industry, which only adds to the stress of running the business day-to-day.
At Montague Partners, our experience in this industry is an asset to our clients, as we understand the challenges they are faced with and can assist with making tax and compliance requirements simple. Our services include:
- Assisting with Taxable Payments Annual Reporting
- Distinguishing between employees and contractors
- Public Liability and Worker’s Compensation Insurance requirements
- Financing needs
- Wording of contracts to achieve desirable tax and accounting outcomes (Retentions, Timing of progress payments, etc)
- Navigating GST, Stamp Duty and Land Tax implications