Marcus Uniforms

Building and construction industry businesses – Taxable payments annual report is due soon

Is your business in the building and construction industry and do you pay contractors for building and construction services? You need to report these payments to the ATO on the Taxable payments annual report.

Your annual report is due 21 July 2014.

You need to report the contractor’s ABN, name and address, the total amount paid for the year and the total GST included in that amount. This information will generally be contained in the invoices you receive from your contractors.

Now is the time to make sure your business is ready to prepare and lodge the annual report on time.

If you filled out a paper report last year, why not make the process quicker and easier this year by lodging online. All you need is software that can generate the annual report and an AUSkey.  To watch a short video that shows you how to lodge online:

tax reporting

  

The information reported about payments made to contractors is 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.

 Go to ato.gov.au/taxablepaymentsreporting to find more information about the taxable payments reporting system, including

  • what needs to be reported
  • when your report is due
  • how to register for an AUSkey
  • how to lodge your annual report; and
  • how to register for a free webinar.

 

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