Constructions and Property Developers
A property developer or real estate business is the one that develops the land and sells it. They prepare all the necessary documents and materials to make the property ready for building construction. This industry comprises many parts of the property such the development, appraisal and marketing, and leasing.
The construction industry refers to the industrial part of trade and manufacturing in relation to building, repairing, renovating, and maintaining groundwork. They are the ones that construct the building (e.g. houses, flats, etc.) after the property developer has done his job.
The ATO is focused on the income activity of these industries that are included in the tax returns. Whether it is part of a business of property development or undertaken for a profit-making purpose. New residential premises that are for sale are subject to GST and GST on related purchases are claimable.
Understanding the tax implications of both of these type of businesses are significant and careful tax planning is the key.
We can help you get the right advice. We are reliable and experienced chartered accountants and we know what is best for you.
Currently, we are providing FREE 30 minutes tax consultation. You can book it through our website at www.progressca.com.au or call us on 0403050779. Do not hesitate. Contact us now by booking your first consultation today!