Taxable Payments Annual Reporting – TPAR for Building and Construction – Tax Accountants South Yarra
Do you work in the Building & Construction Industry? Do you hire contractors for your building & construction projects regularly? If your answers are “yes” to both questions, you now have a new reporting obligation called “taxable payments” due on 28 August every year.
The ATO requires Australian businesses in the Building and Construction Industry to report all payments they make to contractors for building and construction services. The aim of this new system is to improve compliance with tax obligations by those contractors who are currently not doing the right thing.
Who does the reporting regulation apply to?
- In the current financial year, more than 50% of your business income comes from providing building and construction services;
- In at least one of the two past financial years, more than 50% of your business income was derived from providing building and construction services
What occupations and work activities affected?
- Building and construction services: Architectural work, Bricklaying, Cabinet making, Concreting, Decorating, Electrical machinery, heavy installation, Excavating and grading, Fencing, Flooring, Glass and glazing work, Hanging or installing doors, and so on.
- Goods and services supplied: Installation of alarm systems, Installation or work on devices for heating & cooling, Insulation work, Irrigation system construction, Pipeline construction, Project Management, Roofing and guttering, Sewage, Swimming pool installation, Timber work, and so on.
For more information and the full lists, visit the ATO website via the links below:
What needs to be reported?
- The contractor’s name, address and ABN
- The total amount paid or credited to the contractor over the income year
- Whether any GST has been paid
- Any other information you think is relevant
At MAS Tax Accountants South Yarra, we can help you with the “taxable payments” reporting and other accounting and tax return requirement. We can help you to choose and set up an online accounting system to serve your needs.
For more information or to make an appointment, contact us below or call us on 03 9279 3912. Our Office is just opposite to South Yarra train station, at 141 Osborne Street, South Yarra VIC.
