If you are running a business primarily in the building and construction industry and you make payments to contractors for building and construction services, you will need to lodge a Tax Payments Annual Report.
The ATO now requires you to report these payments on the Taxable Payments Annual Report by 28 August each year.
If you are running a business in the building and construction industry but do not make payments to contractors, it is likely that you will need to lodge a Nil report. This can be done via the ATO website or through your business portal.
Who does this change apply to?
You are considered to be a business that is primarily in the building and construction industry if any of the following apply:
- in the current financial year, 50% or more of your business income is earned from providing building and construction services;
- in the current financial year, 50% or more of your business activity relates to building and construction services;
- in the financial year immediately before the current financial year, 50% or more of your business income was earned from providing building and construction services.
If you have any queries regarding Taxable Payments Annual Report, please call Paris Financial on 03 8393 1000.
Emily Kermac, Partner, Paris Financial
