Tax Office reporting rules for Building and Construction Industry (BCI) may apply to land owners
You should note that certain payments must be reported under the Building and Construction Industry regime.
These payments involve:
– A purchaser carrying on a business (or the activity is conducted in a commercial context) that is primarily in the BCI.
– A purchaser having an ABN
– A supplier (or the person who receives money) supplying to the purchaser building and construction services which include construction, design, installation, assembly or alteration of a building
A business is primarily in the BCI if:
– At least 50% of the purchaser’s activity relates to providing building and construction services in the current financial year
– At least 50% of the purchaser’s business income is derived from building and construction services in the current financial year or previous financial year.
Of course, determining whether the 50% requirement has been met could be difficult and must take into account many factors such as equipment used or the work employees have undertaken.
Should you have any more enquiries in relation to the above or otherwise, get advice first from our Lawyers and Tax Lawyers at The Quinn Group. Call us today on 02 9223 9166 or submit an online enquiry.