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More industries will now fall under the taxable payments reporting system regime as the government continues its crackdown on the black economy.
TPRS set to cover more industries
10 May 2018
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7 minute read
As announced in the budget, the government will further expand the TPRS to three new industries, namely security providers and investigation services; road freight transport; and computer system design and related services.
The expansion follows the earlier extension of TPRS to the courier and cleaning industries, with that set to kick in from 1 July 2018 if the bill is passed.
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For the three new industries, businesses will need to ensure that they collect information from 1 July 2019, with the first annual report required in August 2020.
The measure is estimated to have a net gain to the budget of $605.8 million in fiscal balance terms over the forward estimates period.
Speaking to The Bookkeeper, Association of Accounting Technicians chief executive, Rochelle Park said the extension comes after the success of TPRS in the building and construction industry introduced in 2012.
“[The extension] is all part of the Black Economy Taskforce recommendations on 'cleaning up' the compliance of high risk industries,” said Ms Park.
Ms Park has earlier called on bookkeepers to be on the front foot to help advise clients in the relevant industries to start collecting required information as part of the reporting process.
“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,” said Ms Park.
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