07 5680 0300 Reach out

Level Up with our Trade & Construction Accountants

We know that delivering exceptional projects leaves little energy for staying on top of tax regulations, cash flow management, and QBCC licence compliance. With our trade and construction accountants, you can trust that your financial foundations are as solid as the structures you build.

Get in touch

Our construction accountants build a solid foundation for growth

From cost overruns and project delays to labour, equipment and material shortages, the construction and trades sector is riddled with risk. Given the unique challenges and complexities the industry faces daily, effective risk management can be the tipping point between a booming business and one weighed down by financial anxiety. Luckily, Thiel Partners has got you covered.

Here’s just some of the ways we mitigate risk for our construction clients:

  • Budget Control – Monitoring project costs, including materials, labour, equipment, and overhead compared to budgeted amounts.
  • Cash Flow Management – Implementing cash flow forecasting to ensure sufficient working capital and prevent liquidity issues.
  • Contract Analysis – Carefully reviewing the terms of contracts with clients, subcontractors, and suppliers (financial obligations, payment schedules, penalty clauses).
  • Regulatory Compliance – Adapting to changing tax laws, industry regulations, and accounting standards to avoid legal issues, penalties, and reputational damage.
  • Insurance Coverage – Ensuring that your policies protect your business from unexpected events.
  • Financial Reporting – Regularly reviewing financial statements, balance sheets, and income statements to spot trends, anomalies, or potential issues before they become major concerns.
  • Technology and Software – Utilising advanced accounting software to streamline financial processes, improve accuracy, and provide real-time insights into your financial health.

Mastering tax structuring and planning is pivotal to your financial success in the dynamic world of construction and trades. It’s about optimising your daily operations, reducing tax liabilities, and staying compliant with tax regulations. Thiel Partners is well-versed in your sector, having helped thousands of businesses choose the right entity structure for their tax burden.

Here’s what we do so you don’t have to:

  • Entity Structure – Determine your company’s most tax-efficient business structure, such as sole proprietorship, partnership, LLC, S corporation, or C corporation.
  • Tax Planning – Develop strategies to minimise taxable income, including deductions for legitimate business expenses, depreciation of assets, and tax credits.
  • Contract Reviews – Review contracts and agreements to identify potential tax implications, such as retention payments, change orders, or liquidated damages.
  • Multi-State Taxation – Navigate the regulation complexities of multi-state taxation if you operate across state lines.
  • Employee Classification – Correctly classify workers as employees or independent contractors to avoid potential payroll and employment tax issues.
  • Succession Plans – Develop a tax-efficient succession plan for your construction business, considering factors like estate taxes, family succession, or the sale of the company.
  • Tax Reports & Audits – Stay up to date with tax reporting requirements, including payroll tax filings and annual tax returns, to prepare for/conduct tax audits.

Need help navigating the Queensland Building and Construction Commission (QBCC) licensing regulations? The construction industry’s regulatory landscape, with complex rules and evolving standards, can be daunting. We offer headache-free accounting solutions to keep your licensing obligations in check.

Our seasoned accounting professionals specialise in QBCC compliance, from initial licence application to ongoing maintenance and reporting. We collaborate with clients in various sectors, such as residential and commercial construction, project-focused operations, and primary contractors and subcontractors.

With our world-class services, you can focus your energy on what matters most – delivering outstanding construction projects. Leave the technical stuff to us and relax, knowing that your building licensing matters are handled with unparalleled precision and efficiency.

Budgeting and cash flow projections are the driving forces of successful construction projects, big and small. In an industry where every nail, minute and beam counts, bringing on board a trusted construction accountant to implement these financial super-tools can ensure you’re making it to the finish line with money and time to spare.

No matter if you’re a sole trader or booming construction company, budgets help allocate resources precisely, preventing overspending and keeping projects on track. Cash flow projections reveal when the coin will flow in and out, allowing contractors and building managers to juggle their working capital effectively. Together, they’re the dynamic duo of financial planning and risk management.

Thiel Partners’ construction accountants have expertly navigated the challenging terrain of building and trades since 1997. We specialise in precise, tailored financial guidance, insightful predictions, and innovative optimisation strategies that help you build a trusted reputation and prosperous industry partnerships.

Ben Thiel

Managing Partner

Our partners are experts in their field so you don’t have to be

Meet our team

Some quick answers for you

While both construction accounting and general accounting share similar founding principles, there are some defining differences. Construction accounting focuses on the construction industry’s specialised financial and operational aspects, including job costing, WIP accounting, compliance with industry regulations, project budgeting, etc. General accounting is more broadly applicable across various industries and business types.

For businesses or individuals, we typically need access to previous tax records, financial statements, loan documents, income documents, expense records and any other documentation that may impact your taxes. If you aren’t sure, don’t worry. Contact our office today to organise an obligation-free consultation with one of our team. Once we’ve discussed your current situation and future goals in-depth, we’ll let you know what documentation you’ll need to provide to commence your tax planning.

Engaging in unlicensed building work is a violation of the QBCC Act, carrying penalties of up to 250 penalty units ($33,362.50) for the first offence and 300 penalty units ($40,035.00) for the second offence.

For construction businesses with a Goods and Services Tax (GST) turnover of $75,000, GST registration and reporting are compulsory. If your turnover is below this threshold, GST registration is voluntary. Furthermore, monthly reporting is required if your GST turnover exceeds $20 million.