Grant Thornton Australia

Building & Construction: recognition of income
Webinar | Tuesday 18 February | 12:00pm - 1:00pm AEST / 1:00pm - 2:00pm AEDT
1 CPD Point

Join us for the fourth in our series of industry-focused webinars where we are discussing hot topics & regulatory changes for those operating in the real estate & construction industry.

This webinar will focus on the key principles for recognition of revenue for property developments and construction contracts.

In recent years we’ve seen the release of AASB 15 “Revenue from Contracts with Customers” and Tax Ruling 2018/3 “Tax treatment of long term construction contracts” (formerly IT 2450). Industry participants and their advisors need to understand the impact these may have on the timing and quantum of their revenue each year.

We will discuss:

AASB 15 – Key issues for Contractors and Property Developers
Construction Contracts – when is the revenue assessable
How to apply the Basic Approach vs the Estimated Profits Approach
When losses are made or projected
Revenue recognition for property developers

Industry specialists Andrew Newman, Sian Sinclair and Tanya Balasekeran will bring you up to date on what you need to know to meet your obligations around revenue recognition.

Upcoming topics in our series will include:

GST & Property - deep dive into issues around the Margin Scheme
Tax issues for non-resident property owners
Queensland focus: Project Bank Accounts

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Sian Sinclair

Partner, National Head of Real Estate & Construction

Sian’s real estate and construction expertise draws on over twenty years’ experience in taxation, accounting and general business consulting. Advising clients from the start-up and growth phases of business through to those looking to realise their wealth via exit strategies, her input is focused and practical with real insight into the issues impacting businesses in the industry. With experience managing tax risk for large groups, including advising on significant transactions and group consolidations, Sian oversees the compliance and planning needs of Australian and international business groups. Read more.

Andrew Newman
Partner, Brisbane Head of Audit & Assurance

Andrew has over 15 years’ experience with Grant Thornton in both Australia and the United States. During this time he has developed an understanding of the changing regulatory environment and its impact on the accounting and internal control needs of his clients, which reside across the public, private and Not for Profit space. Andrew has a wide range of experience with businesses in the Real estate & construction, Technology & media, Energy & Resources, Manufacturing and Retail industries. Andrew has both external and internal audit experience, specialising in areas such as statutory audits, due diligence, half yearly reviews, internal controls reviews and internal audit training. Read more.

Tanya Balasekeran
Senior Manager, Tax

Tanya has over 15 years of experience advising clients and is a specialist in the Real Estate & Construction sector. She has experience with managing the tax affairs of large family owned businesses that vary in structure from complex trust arrangements to tax consolidated groups.