Mosaic Property Group designs, builds and delivers architecturally stunning and beautifully finished residential properties. Based in Brisbane, the boutique property group identifies and focuses on developing city fringe dwellings. All of their properties meet strict criteria and exceed expectations in residential living for both investors and discerning owner-occupiers.
Mosaic Property Group was initially founded by Brook Monahan in 2004. Rebranded into its current form in 2012, the company has since grown to six directors who manage different aspects of the business including design, development, sales, construction and property management.
“All of the directors have very similar values, which is the most important thing to a successful management team,” said Brook Monahan, Mosaic’s managing director. “The directors are involved in all critical decisions regarding every facet of the business.”
Mosaic treats boutique property as a long-term sustainable business rather than a speculative investment. Therefore, they require an accounting firm that understands the unique pressures related to property development and construction.
Pilot’s relationship with Brook spans nearly a decade. He previously worked with Daniel Gill from the firm’s Corporate Advisory division. They managed the audit of Brook’s previous businesses.
During the course of that relationship, Brook was introduced to Murray Howlett, a partner in the firm’s Taxation Services division. Over the past eight years Murray’s role as an advisor to Brook has steadily grown.
In 2012, Brook decided to sell and move on from several of his other businesses interests to focus on expanding Mosaic with long-term business partner, David Handley.
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Today, Murray plays a key advisory support role to Mosaic. “He is an important cog in the wheel of our business,” said Brook.
Since 2011, Mosaic has experienced significant growth. During that time, Murray and the tax team have primarily focused on effectively structuring the business to maximise tax efficiencies and minimise risk.
A common practice for property development companies is to set up multiple structures related to the different development projects. However a common pitfall is to neglect those structures after the project has been completed.
Pilot’s tax team has implemented a best practice with Mosaic to ensure that they have the right structures in place at the right time. The structure is then wrapped-up once the project is finished.
“We love what we do and we’re very committed to trying to be the best we can at it. We always strive to make sure we’re doing the right thing by all key stakeholders,” said Brook.
One of the business’ key stakeholders is a long-term overseas silent private investor. Pilot has advised on cross border tax implications associated with the offshore investment. This has ensured the business has remained compliant as well as maximising tax efficiencies.
“Murray is always looking for opportunities,” said Brook. “However he won’t take action without considering all the risks to our business. We find him extremely thorough.”
Murray referred Mosaic to one of its current legal providers. They have an open line of communication and work together in a collaborative environment.
“We talk through any issues together and then present Mosaic with the right solution,” said Murray. “This saves the client from wasting their time going back-and-forth between its different business advisors.”
Adam Trew from Pilot’s Business Advisory division also works closely with Mosaic’s accounting team.
Murray commented, “Mosaic has a very strong internal accounting team. Adam makes sure Mosaic ‘dots the i’s and crosses the t’s.”
The capability of Mosaic’s accounting team lets Murray discuss the big picture issues with Brook and the management team.
“The Mosaic team’s passion for producing quality is quite evident,” said Murray. “As a result, the business has experienced exceptional growth. They are getting more repeat clients and referrals which is a clear reflection of the strength of Mosaic’s brand.”
Mosaic currently has a dozen projects under construction. The business also has another seven projects in the pipeline.
- Developed an effective tax strategy that protects the business and its directors
- Provided insight and guidance related to managing large scale property developments
- Managed cross border tax implications related to overseas investors
- Introductions to other experienced and like-minded business advisors
- Provided access to accounting resources that can be called upon at anytime
“We are in a safe pair of hands with Murray. He makes every decision with full consideration of our entire business. There are no shortcuts. He always provides balanced and comprehensive advice that has been well thought out.”
Brook Monahan, Managing Director of Mosaic Property Group
For more information, contact Murray Howlett from our Taxation Services division on (07) 3023 1300.