What if there is more than one contract for the building and construction works?
If work is carried out under a contract or series of contracts, then the levy is paid on the total contract value as long as it includes:
- Labour, services, fees (including professional fees)
- Building or construction materials
- Fixtures, fittings including plant and equipment (there are exclusions for some types of plant and equipment, please contact us for clarification)
- A reasonable allocation of profit margin
- The value of any overheads
- Any other component prescribed by regulations (GST)
If the work is not carried out under a contract, then a reasonable market value for all the items listed above. See Schedule 1 for further details.