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is the levy calculated?
Cost of construction work
Who pays the levy?
What is construction
The formula for calculating the levy amount on projects with construction costs from either $1 million [or $200,000 if applicable] to $1 billion is:
the levy is payable in advance, the initial amount for
calculating the levy payable is generally based on a payer’s
self-assessment of the estimated total cost of the construction
work. Therefore, at the date of practical completion of the project, a
reconciliation of the actual total cost of construction will be
an additional levy or refund may be payable once the final cost
is known. Payers should note that, as part of NT Build’s internal audit program, construction projects
may be subject to routine audit.
Payers should note that, as part of NT Build’s internal audit program, construction projects may be subject to routine audit.
of construction work
This broad definition includes the cost of labour, materials (including prefabricated goods and installation), equipment, design, project management, consultancy and any other cost that directly or indirectly relates to the work. Therefore this also means that if any of the actual contract prices (or invoices) for procuring any of the goods or services related to the construction work included an amount for GST - then the full contract price is inclusive of those GST amounts charged.
For further detail refer to section 37 of the Construction Industry Long Service Leave and Benefits Act.
pays the levy?
What is construction
The full definition of construction work is included in the Construction Contracts (security of Payments) Act (available for downloading or viewing on the NT Government legislation database). Further information can be obtained from a series of Fact Sheets published under the publications menu on this web site or available by phoning NT Build on 1300 795 855.
The levy payer can also apply to NT Build to pay the levy by instalments if the value of the levy exceeds the amount of $10,000 and the project is expected to take more than one year to complete. However, the first instalment must not be less than $10,000 and must be paid to NT Build at or before the time when the full amount of the levy would have been payable.
NT Build may approve or refuse a levy application or decide to vary its terms.
If a levy payer fails to pay an instalment in accordance with an approved instalment plan, the approval will cease to have effect and the amount of the levy that remains unpaid will become immediately payable, start to bear interest and be recoverable in a court of competent jurisdiction. The amount recoverable may also include any costs associated with the recovery of the unpaid levy amount.
Refer Project Notification Form and relevant levy information sheets and Board policy decisions available under the publications menu on this web site or by phoning NT Build on 1300 795 855.
The Act also provides NT Build with the power to issue an order to stop work on the project until such time as the levy payer has met their statutory responsibility.
to pay the levy
Street: Units 32-33 / 12 Charlton Court, Woolner NT
Office Box 36644, Winnellie NT 0821
|Last updated: Wednesday, 04-Jan-2017 13:42:23 CST.|