Profit calculation on property sale

Can't locate anywhere on this forum a method for working out your net profit on a unit sale as a developer. I am looking for something which includes in the calculation the treatment of gst, the margin scheme, taxation as normal income and items which can be included in the cost base when selling other than the building costs. I know every circumstance is a little different but is their a guide somewhere?
 
There isnt a magic formula / method. Its called business accounting.
It variedsbased on individual circumstances. In most cases there is a thing called trading stock (ie each unit) and each business may choose different methods to value its carrying value between one financial year and another. the cost of trading stock will accumulate as you construct. So the "cost" you apply to one unit will influence the remaining cost to the other units. Apportionment of costs will also be a key factor. Then there is accounting for GST on inputs and on the sale to be considered.

Which business costs add to the trading stock, how they are calculated and apportioned and which are expensed ? Get it wrong and you could regret it. I have seen developrs hold a unit or two and eventually they keep it. Get costs wrong and that could be a huge profit when there is no $ left. There could also be GST issues. This is an area where personal advice and tax planning is required.
 
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