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Employers in the building and construction industry need to be aware of a significant change in reporting requirements for your “Taxable payments annual report”.
If your business is primarily in the building and construction industry, you have an ABN and you make payments to contractors in the building and construction services, you may need to report the total payments you make to each of your contractors for building and construction services by lodging a Taxable payments annual report (TPAR) with the Tax Office each year.
However a significant change announced by the Tax Office is that the report is now required by August 28, not July 21, as has been the case since the TPAR was introduced in the 2011-12 federal budget.Note that the same information is required (that is, for the income year just completed) but the lodgement date has moved.
A business in the building and construction industry needs to report if all of the following apply:
The Tax Office says “building and construction services” includes the following activities if these are performed on or in relation to a building or structure, other works, or surfaces or sub-surfaces:
* of building and construction services
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