Property developers play a major role in the building and construction industry. One normally associates property development as getting the property or land ready for renovation or using builders to construct buildings on that land. Some argue that the hard work is done by the property developer in the time spent on obtaining the relevant plans and permits which can sometimes take a long time.
Property developers face many problems and issues including:
- Funding for developments
- Finding the right town planner, architect, surveyor, engineer and inspector
- Approval for plans and permits
- Under budgeting for developments
- Sourcing property and sites
- GST compliance and application of the margin scheme
- Cash flow
Compliance with the Taxation Office is also a major issue for property developers. Dealing with issues like GST and the margin scheme, BAS and income tax payments are very important. Paying too much GST or tax if incorrectly applying the margin scheme due to incorrect calculations being used can be costly to any business. If you have an accountant that understands your industry and can assist and make these compliance matters easier to deal with, it makes life easier. An accountant that knows a property developer will receive GST refunds regularly and ensuring they receive them from the Taxation Office promptly and when it arises is important for cash flow planning.
An accountant should also be advising you of up to date and modern software that reduces time spent on unnecessary administration, bookkeeping and paperwork along with assisting in budgeting, tax planning and costings for the business that are of more importance.
At Rucker Financial we have a wealth of knowledge and experience in dealing with property developers in the building and construction industry. Whether you are residential developer or commercial developer we have the necessary experience and knowledge to help your business. We will continually review your business structures and implement asset protection strategies, assist in implementation of modern accounting systems and software to reduce time spent in attending to compliance, analyse profit margins and ensure that all compliance documentation is correct. We also have resources at our disposal for more technical aspects of large developments.
If you are a property developer or are considering getting into property developing, call us on 03 9874 7255 to arrange an obligation free assessment.