As of 1 July 2019, additional industries have been added to the Taxable Payment Annual Reporting System. You may need to lodge a taxable payment annual report..
Additional Industries added to the Taxable Payment Annual Reporting System
As of 1 July 2019, additional industries have been added to the Taxable Payment Annual Reporting System. You may need to lodge a taxable payment annual report if you are a business providing any of the following:
- Building and construction industry
- Cleaning services
- Courier services
- Road Freight services
- Information Technology services
- Security, investigation or surveillance services
What does this mean for you?
Each year you are required to report to the Australian Taxation Office the contractors you have made payments to who use an Australian Business Number (ABN).
Contractors can include subcontractors, consultants and independent contractors.
The TPAR for is due by the 28th of August each year.
What is a TPAR?
A Taxable Payment Annual Report details a contractor’s ABN, name, address and the gross amount [GST Inclusive] you paid to them during the financial year. This is to be reported to the ATO using a paper form or online through the ATO online services.
How to fill out a TPAR?
The information required to complete your TPAR can easily be found on most Accounting Software’s. Gathering and maintaining accurate records of the contractor’s information mentioned above, throughout the year will ensure an easy process when completing the Taxable Annual Payment Reports.
Need some help?
If you require some assistance or would like clarification on whether you are required to report, please don’t hesitate to contact Craig Hailston on (02) 4601 1000.