Do you run a business in the Building & Construction Industry??
The Australian Taxation Office has advised us that they will be contacting our clients who may have an obligation to lodge their 2016 Taxable Payments Annual Report to remind them that their annual report is due by 28 August.
What is a Taxable Payment Annual Report?
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 the ATO 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 the ATO's data matching program to detect contractors who have not either:
lodged tax returns
Included all their income on tax returns that have been lodged.
What to do if You Receive this Letter?
If you are in the building and construction industry we urge you to talk to us about your Taxable Payments Annual Report. The ATO has advised that their preferred lodgement method is online, via our portal, online lodgements are a quick and secure way to meet your reporting obligations. If you believe that you are not required to lodge, please notify us asap, so we can in turn notify the ATO If you are required to lodge the annual report for any of the previous financial years and haven't done so, the report is now overdue and should be lodged immediately. Penalties for not lodging the annual report may apply. Please contact our office on 07 5502 6673, as soon as possible.