{"id":52,"date":"2016-06-15T04:44:20","date_gmt":"2016-06-15T04:44:20","guid":{"rendered":"http:\/\/www.trakaccountants.com.au\/wp-blog\/?p=52"},"modified":"2017-03-20T02:59:04","modified_gmt":"2017-03-20T02:59:04","slug":"taxable-payment-reports-compulsory-building-construction-businesses","status":"publish","type":"post","link":"https:\/\/www.trakaccountants.com.au\/blog\/taxable-payment-reports-compulsory-building-construction-businesses\/","title":{"rendered":"TAXABLE PAYMENT REPORTS: COMPULSORY FOR BUILDING AND CONSTRUCTION BUSINESSES"},"content":{"rendered":"

Are you in the building and construction industry?\u00a0 Do you know that you need to report detailed information to the ATO about all the building and construction contractors you have paid each year?\u00a0 No?\u00a0 Well read on\u2026.<\/p>\n

I\u2019ve noticed that many business owners in the building and construction industry are not yet aware that they need to report\u00a0the total amount they\u2019ve paid to each contractor, for building and construction services, every year<\/strong>, to the ATO.<\/p>\n

The information must be reported on the Taxable Payments Annual Report and must be lodged with the ATO by 28 August each year.<\/p>\n

The ATO will use this information to cross-check and data-match so they can find people and businesses who are not lodging a tax return or are not declaring all of their income. \u00a0\u00a0So you may need to look at your bookkeeping to make this an easy task to complete and accurate, as there are penalties for late submissions or omitting information.<\/p>\n

Below is an example from the ATO\u2019s website:<\/p>\n

\"\"<\/p>\n

The ATO is currently running 1 hour webinars for businesses in the building and construction industry, that make payments to contractors for building and construction services. \u00a0They outline the taxable payments reporting requirements.\u00a0 Book your place at one of their webinars\u00a0here<\/a>.<\/p>\n

Please contact us if you would like to discuss your situation or would like further information.<\/p>\n

For more information:<\/p>\n