If you work in the building and construction industry you must complete a taxable payments annual report to advises the ATO the amount you paid to contractors through the year.
If you fall within these measures, you need to keep and report all your contractor payments to the ATO in a form by the 21 July each year.
Because of this requirement, you will need to make sure you keep separate records of payments to all contractors so you can total the payments at the end of the year and lodge within this report.
The definition of building and construction is wide and covers such businesses as: –
– Builders
– Bricklayers
– Plumbing
– Architectural work
– Cable laying
– Decorating
– Engineering
– Landscaping
– Project managing etc
If you are unsure if you fall under this definition you should give us a call or visit www.ato.gov.au/taxablepaymentsreporting
