The nature of construction projects means that specialist support is essential when it comes to the financial side of the business. As many developers don’t see a profit until the development is sold on, but still have to pay wages and buy materials up front, their tax situation can be complicated. In addition, the industry is very much at the mercy of external variables:
Tax returns for construction companies
An accurate tax return is dependent on good quality financial information. For some construction companies, particularly smaller businesses or those which have recently undergone a period of upheaval, making sure that all the right data is available to complete the tax return can be challenging. We can help! Pherrus is able to work with your organisation to put in place appropriate record keeping systems, as well as build financial capacity. This ensures that when tax return time comes round, you have all the right data to hand.
In addition to completing your tax return, we can also help with all other aspects of ATO interaction. If ATO want to conduct an audit, or have a query about a tax return or other tax matter, our accountants are here for you. For companies that need to pay GST or who have a CGT query, we can advise on both immediate issues, and on longer term strategy. Our goal is to ensure that your construction company pays as little tax as legally possible, at the same time as making sure you are able to maximise profit value both now and in the future.
Increasing your company’s wealth
There are plenty of opportunities available to increase corporate wealth, which we are pleased to share with construction companies across the country. Alongside doing our utmost to keep your tax obligation as low as possible, we are also able to suggest options to grow your profits through a variety of investment opportunities. Property or land, for example, are investments which are frequently of particular interest to construction concerns. We can advise on the factors which are likely to affect the return you’re likely to see on an asset, suggesting options such as changes in ownership, timing of works, and off-setting profit against loss in order to ensure your company enjoys a good return on every dollar you spend.
In addition to advising on investment and savings products, we are also able to help our clients conduct an insurance audit: many construction companies are surprised to discover that they have some gaps in provision, at the same time as being over-insured in other areas. Our team can suggest an insurance solution that gives the right level of cover, and which is flexible enough to cope with the evolving needs of your business as time goes on.
Has your construction company got sufficient financial capacity?
Sufficient financial capacity is a key requirement for future success. Experienced in equipping businesses with the systems, models, goals and processes they need for sound financial operation, we are able to provide added support in a range of different areas. Although the financial capacity building that we complete varies from organisation to organisation, typical tasks we carry out include:
- providing workforce training on software, financial systems and processes.
- assisting companies to define their financial goals in both the short- and the long-term.
- advising on suitable software.
- evaluating business models and coming up with additional scenarios to consider.
We are committed to establishing relationships with our clients that often last for decades. As a company that prides itself on getting to know our clients well, we value the opportunity to provide on-going support as your construction business grows. Our team is able to help no matter what stage your business is at: if you’ve hit a financial crisis, or are noticing a slow, but steady, decline in profitability, we can usually suggest a helpful way forward. With an up-to-date knowledge of government initiatives and other forms of assistance open to the construction industry, if there are any fresh tax perks or investment opportunities out there, we make sure our clients get to hear about them!
We know that the construction industry is a tough one to operate in. Whether you’re currently struggling, or are looking for some options to increase your financial stability, Pherrus can provide the advice and information you need. Get in touch to speak with one of our advisers.
When you hire a construction accountant for your business, you hire a specialised professional with the insight and expertise to help you improve your business finance processes and practices. As an industry that is very different from what you'd expect from a standard business structure, it's even more important to have a specialist accountant. A construction accountant understands the ins and out and unique compliance requirements for your business in the construction industry.
Construction accountants cover many tasks, from handling invoicing with clients to daily accounts and tax preparation. As an industry that often involves significant changes in demand for financial services month to month, it's crucial to have an expert on hand that can deal with your finances year-round. Construction accountants can help your business save on taxes, keep in line with compliance and ensure everything is paid on time every time.
As a highly changeable and fluid industry, with many construction specialists working as contractors or on long-term projects, it's essential to have financial expertise that's just as unique as your industry. As a company, you want to ensure you meet all compliance requirements for payroll, taxes and more. Choosing to work with a professional construction accountant offers the ideal way to access the high-quality financial services you need to keep your accounts up to date day after day.
While specialised accountants aren't a requirement for a construction company, they can be an excellent way to reduce stress and ensure accuracy when tax season rolls around. Construction accountants understand the demands and continual change within the sector, providing the support you need to keep your company finances in check and compliance. Need a construction accountant? Pherrus can help. Get in touch with our skilled and knowledgeable team today.
You may want to know the differences between general accountants and construction accountants for individuals or businesses in the construction industry. While the fundamental training accountants have is the same across the board, the specialised insight and knowledge of an experienced construction accountant make a significant difference. Whether you're a construction company or sole trader, a construction accountant can help you reduce taxes and ensure everything is covered for tax season.
The benefit of hiring a construction-specialised accountant is working with a skilled professional that understands the complexities and demands of your business finances. A specialist accountant will be familiar with the payroll requirements, invoicing standards and daily finances required in the construction industry, ensuring nothing falls through the cracks. If you want to ensure you can enter the next tax year with zero stress surrounding finances, a construction accountant may be the best choice for you.
Are you a construction company or sole trader working in the Sydney area? Hiring a construction accountant can give you the freedom of professional service with the strong industry understanding necessary to keep your finances in order. A construction accountant Sydney service provides the expert financial knowledge needed to keep your accounts and books in order. While also delivering the specialised expertise required to match the ebbs and flows of finance within construction specifically.
A construction accountant may be the ideal solution if you are currently handling your finances in-house or your non-specialised accountant doesn't meet business demands and needs. Choosing to work with an experienced professional can ensure you make the most of any tax savings and provide your business with reliable compliance, from payroll to invoicing. As a changeable and fluid industry, having a Sydney accountant that knows the sector inside and out can make a difference.