Property Development & Investment Accounting Services
Hours and hours of research browsing through property after property and you’ve done it; you’ve found one which is ripe for acquisition that will make you rich. Maybe it’s a block of farm land and you would like to sub-divide and sell them as vacant lots, maybe you’re contemplating a town house or unit development.
But no matter how large or small, novice or experienced, you’re going to need a trusted advisor who can guide you through the various regulatory complexities and commercial issues to ensure a successful property venture.
Here at Empire Accountants, we’re not just your average bean counters who provide a set financials and tax returns, but rather we reflect on your specific needs and are with you throughout each stage of your development to assist with making that develop the success you know it will be!
Amongst other things, the big ticket items we can assist with include:
Property Development Structure
Structuring for a property development venture isn’t as simple as setting up a company and off you go. Whilst it does provide the benefits of limited liability (the ability to walk away from a failing project) and a cap on income tax at 30%, there are other considerations which need to be addressed. You also need to ask whether your structure allows for:
At Empire Accountants, we take a holistic approach to structuring by analysing your personal circumstances to develop a tailored solution which best achieves your needs. We cannot stress enough, the importance of getting the right structure, as it may ultimately save you from bankruptcy should the development not go as planned or ensures you keep as much money from the development as possible if you are successful!
Compliance & Reporting
In most instances, running your own property development project can be similar to running your own business and depending on those circumstances, you may need to:
With the latest in our cloud based systems, we will be able to provide you a customised accounting and management system to be able to ensure you meet any and all of your compliance obligations, track development profits and ensure you have the right documents to present to interested parties.
Taxation & Advisory
Australia has one of the most complex tax systems in the world. The federal government wants a piece of everything and can tax you on development profits (Income Tax), capital gains (CGT), and impose goods and services tax (GST) on the sale. But in the property context, your headache gets a whole lot bigger as now you’ll have to navigate through other state base taxes which include stamp duty on property transfers and land tax for land rich individuals or entities. Ouch!
But with Empire Accountants on your team, we can ensure you reap the rewards of the development through the use of the following strategies:
Discuss how Empire Accountants can assist you with your property development/investment needs today by calling 07 3124 0244 you can begin building your property development enterprise.
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