Allocation of Overheads, Work in Progress and Income in Advance Calculator

Do you advise builders and try and calculate their year end Work in Progress (WIP) and Income in Advance of billing (IIA)? Then this is the calculator for you. It has been prepared in accordance with Taxation Ruling TR 2018/3 Income Tax: Tax Treatment of Long Term Construction Contracts and various case law on the topic. It starts with allocating the non job specific overheads to each project undertaken during the year as case law has established that the WIP of every construction job should have an element of overheads in the year end balance. 

It then calculates the current year WIP and IIA (if any) by analysing the actual costs and income to date and the projected costs and projected income to completion. We even include an example to consider. 
If you advise builders and try and work out the year end Work in Progress and Income in Advance of billings, then this is a must have calculator for you.