Login
iscover
Business clients covered by the extension of the taxable payments reporting system have been reminded to start keeping records of contractor payments, with the reporting period now in play.
Newsletter
Bookkeepers reminded on TPAR obligations
05 September 2019
•
3 minute read
With the TPRS now extended to the road freight, security, investigation, surveillance and information technology (IT) industries, clients have been reminded to begin tracking contractor payments from 1 July 2019, with the first taxable payments annual report (TPAR) due on 28 August 2020.
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!
Businesses that provide a range of services — known as “mixed services” — may also need to report if payments they receive from road freight, IT or security, surveillance and investigation services make up 10 per cent or more of their total GST turnover.
According to the ATO, the TPRS prevented $2.7 billion from being lost to the black economy in the building and construction industry in 2015–16, justifying its extension to the courier and cleaning space last year and the further extension to the three new industries this year.
The ATO will use data provided in the TPAR to identify contractors who may not be doing the right thing with their tax, including not reporting income, failing to lodge tax returns or activity statements, not registering for GST or using a false Australian Business Number (ABN).
The ATO’s new online services for agents has now added functionalities in relation to TPAR, with agents now able to lodge online and view due lodgements.
You need to be a member to post comments. Become a member for free today!
