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Retention Monies in Transitional Context
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Retention Monies in Transitional Context
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 ?
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
Re: Retention Monies in Transitional Context
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?
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- Posts : 277
Join date : 2014-09-25
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