Taxable Payments Reporting - Building and Construction Industry.

Monday, 17 June 2013    Tax

From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. These payments need to be reported on a Taxable payments annual report to the ATO by 21 July 2013 for payments made in 2012-13 year. If you lodge your activity statement quarterly, this can be lodged by 28 July 2013.

For each contractor you need to report:

1. ABN

2. Name

3. Address

4. Gross amount paid for the financial year (inclusive of GST).

Quickbooks, MYOB and Xero have each released detailed overviews of using the software to report the payments. Please visit their websites for more information.

For more information from the ATO website Click Here