Construction Industry Taxable Payments Reporting Updates24-Apr-2013
Simeoni has a well established reputation as building and construction industry tax accountant and feels the duty to inform you about relevant latest important industry updates.
Please find below a short summary of significant information as well as the link where to get more information in relation to Taxable payments reporting.
Who needs to report
From 1 July 2012, businesses in the building and construction industry need to report to the ATO each year the total payments they make to each contractor for building and construction services.
When to report
The Taxable payments annual report is due by 21 July each year. However, for this first year, if you lodge your activity statements quarterly, the Taxable payments annual report may be lodged by 28 July 2013
How to report
The easiest and most secure way to lodge your annual report is online.
If you are unable to lodge online you will need to complete a paper form.
For further information on Taxable payments reporting and lodging your annual report:
• Please Click Here
Contact us today if you have any queries.