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2012 NEW – Contractor Taxable Payments to Report due 21 July 2013 – Building and Construction Industry

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2012 NEW – Building and Construction Industry

2012 NEW – Building and Construction Industry

If your business is primarily* in the building and construction industry and it has an ABN, from 1 July 2012 you need to report all payments made to contractors providing building and construction services (the report is to be completed at financial year-end). Ensure you have systems and processes in place to capture the necessary data required to comply with this new reporting obligation. In practice, most businesses will assign this task to their bookkeeper/accounts manager. Reportable payments are those that are for the supply of building and construction services. Where the payment is solely for building and construction materials, it does not need to be reported.

*You are primarily in the building and construction industry (and therefore required to report) where in the current financial year or in the previous financial year, more than 50% of the income from your business is derived from providing building and construction services or where in the current financial year 50% or more of your business’s activities relate to building and construction services. The report, called the Taxable Payments Annual Report, needs to be completed and lodged with the Tax Office by 21 July in the year following the payments. See ATO site HERE
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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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