New industries entering the taxable payments reporting system

The ATO has reminded businesses that provide road freight, information technology (‘IT’), security, investigation, or surveillance services that they need to lodge a Taxable payments annual reports (‘TPAR’)each year to tell the ATO about the payments they make to contractors who use an Australian business number (ABN) (even if these services are only part of their business activities).

Such clients’ first TPAR will be due by 28 August 2020 for payments made from 1 July 2019 to 30 June 2020.

We can help with the lodgement of this report, but affected clients will need to keep records of the payments made to contractors. The required information, including the contractors’ ABN, name, address, and total amounts paid during the financial year (including GST) will normally be contained in the invoices from the contractors.

The Money Edge | Bundaberg