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.
You need to report these payments to us on the Taxable payments annual report by 28 August each year.
To make it easier to complete the annual report, you may need to check the way you currently record your contractor payment information.
The information reported about payments made to building and construction contractors is used in our data matching program to detect contractors who have not either:
- lodged tax returns
- included all their income on tax returns that have been lodged.
Do not get caught. We have specialised staff who track every change as it happens in real time. Stay ahead of the curb when you partner with PRC Accounting.
Make Yourself Accountable
Do not get caught out. Ensure you are aware of the current ATO changes and how that can impact your business. Below is a list of points you may want to explore on the ATO website to grasp a better understanding of the changes.