Accountants for Builders and Construction Industry
Australian Tax Specialists Based in Sydney, Glenfield and Brisbane, has long been servicing Builders, Carpenters and other Construction industry personnel for over 10 years. We realize that as a Builder your main priority is your projects, and you need an Accountant who can Save you money on taxes and advice you if you are making money on your projects. We specialize in this sector, and we provide maximum value to Builders, Carpenters and their business.
6 Common Risks we regularly see with Builders Taxation Affairs
These the key issues we see and thankfully there are solutions for it
Performance Ratios and Builders Home Warranty Insurance
As you know, builders renew their home warranty insurance every year and that analyzes your business performance to award a higher amount which would allow you to maintain how many jobs you could do at a time. This is based on a set of financial ratios. We are very well versed with this metrics, and we can assist builders whose business ratios are not adding up.
Business Structure of Builders is not setup with any Asset protection in Mind
Builders with assets often operate in a business structure that possesses tremendous risk in the event of legal proceedings. We structure businesses with asset protection in mind
Business Structure of Builders is not setup with Tax optimization
It is good to have solid business structure set up from the get go with Tax optimization in place.
Cash flow issues
As a builder or contractor, you get paid in stages of job completion and that is the right method but still there are small businesses doing projects with payments at completion. But your operating costs are on going. So as a small business you need to arrange milestones and for larger businesses Budgeting is critical here to maintain business expenses with Cash flow in mind.
Variation changes by Client
When clients change plans in the last minute or during build phase, if you are not charging a variation fee, then you are loosing money for your time ! We use activity based costing for our clients and this works out what your personal hour is worth.
Incorrect Estimate of Jobs
This is fundamental, and often many builders get this wrong. Thankfully there are software’s you can use to minimize risks. Additionally many builders are not factoring man hours of their supervisor into each project. While you may turn a profit on the very basics of (Revenue – Cost of materials and contractors), there is bit more to this.
Our Services for Builders and Construction Industry
Australian Tax Specialists provide tailored Accounting and Taxation solutions that are unique to your Construction business.
Our team is highly qualified in all aspects of tax and accounting services, and we pride ourselves in being able to complete all the complex tax and accounting matters with ease leaving you to concentrate on your Business and growth.
Our Services for builders are but not limited to:
- Monthly Bookkeeping
- Performance reports Monthly
- Cash flow reports
- Taxation for builders
- Annual Contractor reports
Special purpose Financial Statements and reports for Builders Insurance
Builders Warranty Insurance
As you area aware, Builders have to provide Annual Financial Statements to their insurance brokers, to maintain Insurance Amount which ultimately mean how many projects you can do at a time or How big of a project you can take on. We have extensive experience and know how to help in this specific area.
Why Builders would need a Specialists Accountant ?
Accounting & Taxation for Builders & construction industry is a Niche area because of the unique tax law requirements applying in the building industry. But Most notably it is a heavily scrutinized industry and the tax office has processes in place where an Audit could come through quiet easily.
Australian tax Specialists, has extensive experience dealing with ATO on Audit and private rulings for our clients in the construction industry.
Who we service in Construction Industry ?
Builders, Construction Developers, Carpenters, Concretors, Plumbers, Glaziers, Contractors and Investors and many more