From 1 July 2012, businesses in Australia, who are in the building and construction industry need to report to the ATO each year, the total payments they make to each contractor for building and construction services.
Businesses need to report if they:
- are in the building and construction industry
- make payments to contractors for building and construction services, and
- have an Australian business number (ABN).
The first annual report is due 21 July 2013 for payments made in the 2012–13 financial year. In this first year businesses that lodge their business activity statement quarterly, may lodge by 28 July 2013.
The information reported about payments made to contractors will be matched against other information held by the ATO to detect contractors who have not:
- lodged tax returns, or
- included all their income in returns that have been lodged.
The good news is if you're using LiveAccounts and you're in the building and construction industry, we've got you covered. The team is currently working on the required changes which you'll begin to see in LiveAccounts around mid to late June. Stay tuned as we'll provide an update and some screen shots in the next week or so.
For more information about taxable payments reporting go to www.ato.gov.au/taxablepaymentsreporting to find:
- a list of activities and occupations that are considered to be building and construction services
- examples of situations where reporting is required
- exclusions from reporting requirements
- how to register to participate in an online seminar from your home or business
- Ask your question on this Forum and we'll see what the Community has to say
Richard Puffe | Product Manager, LiveAccounts – MYOB
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