The first annual Taxable Payments Report is due 28 July 2013 (or 21 July for those businesses who lodge monthly Business Activity Statements) for businesses primarily in the building and construction industry who have made payments to subcontractors during the year ending 30 June 2013.
The Government has designed this report to improve compliance with tax obligations by those contractors who are currently not doing the right thing. However, the reporting obligation falls onto the businesses paying the contractors, not the contractors themselves. The information reported by businesses will be used for data matching to ensure contractors are reporting all of the income they earn.
The information required to be reported in the Taxable Payments Annual Report for each contractor payments have been made to, are as follows:
We note some accounting software now includes a module for reporting this information.
Please contact us for advice on if and how your accounting software can provide this information and further information.
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