What if there is no contract in place for the building and construction work, or I am doing the work myself?
If the work is not carried out under a contract, then a reasonable market price for the work on the assumption that all of the following are included as components of that work:
- The value of labour, necessary services and fees (including professional fees) payable in relation to the work; and
- The value of building or construction materials; and
- The value of any prescribed components that are to be installed as part of, or in association with, the work, this includes Fixtures, fittings including plant and equipment (there are exclusions for some types of plant and equipment, please contact us for clarification); and
- A reasonable allocation for a profit margin; and
- The value of any overheads; and any other component prescribed by regulations (i.e. GST)