Login
iscover
Bookkeepers have been urged to start advising their clients involved in the cleaning and courier industries on their obligations for the impending implementation of the Taxable Payments Annual Reporting (TPAR).
Newsletter
Bookkeepers urged to prepare for TPAR extension
19 April 2018
•
10 minute read
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
On 7 February 2018, the Treasury Laws Amendment (Black Economy Taskforce Measures No.1) Bill 2018 was introduced to Parliament, proposing to extend the TPAR system to businesses in the courier and cleaning industries, following in the footsteps of the building and construction industry.
If passed, TPAR will kick in on 1 July 2018, with the Association of Accounting Technicians' chief executive, Rochelle Park, calling on bookkeepers to start preparing to be on the front foot.
“The TPAR was originally launched for the construction industry and it has been proven to be quite successful in terms of managing invalid ABNs and ensuring contractors are doing what they should be doing in that particular industry. So given the success they have identified as part of this taskforce, other at-risk industries for similar sorts of problems around invalid ABNs, not meeting obligations around GST, and other considerations, they have decided fairly quickly that it could be a potential solution to help managing those problems across those two industries — cleaning and couriers,” said Ms Park.
“Bookkeepers who work with clients who have subcontractors in both of those industries will need to be setting up the software to capture the information required so that they are reporting on that appropriately.
“It won't be as significant a transition as it was when we moved in the construction industry because it was all obviously a brand new concept. Now bookkeepers will just have to assess their client base and have a think about which of those clients will be impacted, i.e. who has contractors in the couriers or cleaning industries.”
The ATO has released draft guidance, including working examples of whether a client needs to report, what payments need to be reported, and what doesn’t need to be reported.
==
==
You are not authorised to post comments.
Comments will undergo moderation before they get published.