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Relevant Contracts Tax (RCT) legislation needs to be considered regardless of the type of business you have. If your business sub-contracts any type of work you may have an obligation to withhold RCT from payments to contractors.
While the common perception is that it’s of relevance only to the construction, meat processing or forestry industries, a broad range of businesses can be within the scope of RCT. Some recent examples of non-construction type companies having RCT obligations include hospitals, banks, telecommunications companies, supermarkets, energy and utility companies and local authorities.
Given that the costs of not operating the correct RCT procedures are severe, it’s particularly important to consider RCT before undertaking any property or development related activity.