Taxable payments annual report due soon – August 2016
BAS Agents with clients in the building and construction industry who paid contractors during 2015-16 should be aware their Taxable Payments Annual Report (TPAR) is due by 28 August 2016.
Under arrangements recently finalised (see Expanded BAS agent services finalised under ‘News’ on the AAT website in June 2016), BAS Agents can complete and lodge the TPAR to the ATO on behalf of a client.
Businesses in the building and construction industry who paid contractors during 2015–16 are required to lodge their TPAR by 28 August 2016.
The ATO says penalties may apply for late lodgment.
The Government’s ‘ABN lookup tool’ (see links below) can be used to:
- ensure the contractor ABNs provided are correct
- confirm the contractor is registered for GST.
The ATO is offering a webinar explaining the reporting requirements and how to lodge TPARs.
The information reported about payments made to building and construction contractors is used by the ATO in its data matching program to detect contractors who have not lodged tax returns or not included all their income on tax returns that have been lodged.