Estimating the value of work
Schedule 2 Estimating the value of work
[r. 13(1), 28(1)]
1. Terms used
In this Schedule —
GST has the meaning given in the A New Tax System (Goods and Services Tax) Act 1999 (Commonwealth);
relevant components means —
all goods (including manufactured goods forming part of the work); and
labour; and
services necessary; and
fees payable; and
overheads to be met; and
profit margin.
2. Estimated value of work
For the purposes of estimating the value of work —
where the work is to be carried out under a contract and the contract price includes value for at least each of the relevant components — the estimated value of the work is the contract price (including the GST); and
where the work is to be carried out —
other than under a contract; or
under a contract the contract price for which does not include value for each of the relevant components,
the estimated value of the work is the sum of the value (including the GST) of the relevant components.
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