The ATO has just announced that it will begin contacting businesses in the building and construction industry who have not lodged their
Taxable Payments Annual Report for the 2018 and prior financial years.
What is it? Do you need to report? What information should you report? What if you haven't lodged your report? We answer these questions and more.
TPAR, or the Taxable Payments Annual Report, is an industry specific report for businesses in the building and construction industry (and soon other industries) who are required to report the total payments made to contractors for providing services. Do you need to report? You may need to lodge a Taxable payment annual report (TPAR) by 28 August each year if you are a business providing:
security, investigation or surveillance services – for contractor payments from 1 July 2019 (first report due by 28 August 2020)
The details you need to report about each contractor are generally found on the invoice you should have received from them. This includes:
Contractors can include subcontractors, consultants and independent contractors. They can be operating as sole traders (individuals), companies, partnerships or trusts.
The ATO use this information to identify contractors who haven't met their tax obligations by declaring the income on their tax return.
The ATO can impose a penalty where you fail to lodge a report on time. The amount of the penalty is dependent on the size of the business and the period the report is overdue.
Need help? Please contact SMART Business Solutions on 0359 11 7000 or reception@smartbusinesssolutions.com.au Want to grow your business & improve cashflow? You need SMART solutions for YOUR business, not just annual tax compliance! Get the SMART team working with you. Call SMART Business Solutions today on 03 5911 7000
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