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Retention Monies in Transitional Context EmptyFri Jul 03, 2015 9:34 am by joseph

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Retention Monies in Transitional Context

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Retention Monies in Transitional Context Empty Retention Monies in Transitional Context

Post by bathu14 Sun Mar 29, 2015 1:11 am

Particularly in construction industry, are Retention sums - for work completed by 31 March or earlier -  if invoiced by 31 march 2015 not subject to GST even if payment of Retention is after 31 March 2015?

What event/transaction would be treated as indicating that work is completed - issue of Cert of Practical Completion (CPC)?
OR is this decided by nature of claim, say "final claim" in April 15 for work done in March 15 ?

bathu14

Posts : 9
Join date : 2015-03-11

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Retention Monies in Transitional Context Empty Re: Retention Monies in Transitional Context

Post by joseph Mon Mar 30, 2015 10:20 am

Particularly in construction industry, are Retention sums - for work completed by 31 March or earlier -  if invoiced by 31 march 2015 not subject to GST even if payment of Retention is after 31 March 2015? Correct.

What event/transaction would be treated as indicating that work is completed - issue of Cert of Practical Completion (CPC)? Correct.

OR is this decided by nature of claim, say "final claim" in April 15 for work done in March 15? How do you support this claim? Don't you normally have a certificate for workdone?

joseph

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Join date : 2014-09-25

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