Getting your ducks in a row for the end of the financial year (EOFY) is crucial for property developers. It involves ensuring that all financial records, documents, and obligations are organised and up-to-date before the EOFY deadline. Here are some steps property developers might take:
1. Financial Records Review:
Review all financial records, including income, expenses, receipts, and invoices. Ensure they are accurate and up-to-date.
2. Tax Obligations:
Make sure all taxes, such as income tax, GST (Goods and Services Tax), and any other applicable taxes, are paid or accounted for.
3. Asset Valuation:
Assess the value of properties and assets owned by the development company. This may involve getting professional valuations.
4. Capital Gains Tax:
Calculate and prepare for any capital gains tax liabilities on property sales during the financial year.
5. Land Tax:
Assess the land tax assessments and ensure they reflect the correct property valuations. Explore exemptions or concessions for properties used for primary production, residential purposes, or certain types of businesses. Stay informed about any changes to land tax legislation or rates introduced by your specific state government.
6. Depreciation Schedule:
Review and update depreciation schedules for investment properties to maximise tax deductions.
7. Financial Statements:
Prepare financial statements, including profit and loss statements, balance sheets, and cash flow statements.
8. Compliance Check:
Ensure compliance with all relevant laws and regulations governing property development and taxation.
9. Review Contracts:
Review any contracts or agreements with suppliers, contractors, and tenants to ensure they are in order and up-to-date.
10. Budget Planning:
Develop budgets and financial forecasts for the next financial year based on the performance of current projects and market conditions.
11. Seek Professional Advice:
Consult with accountants, tax advisors, and legal experts to ensure compliance and optimise financial strategies.
By completing these tasks and ensuring all financial affairs are in order, property developers can effectively navigate the EOFY and set themselves up for success in the new financial year.
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