Reportable payments in the building and construction sector
From 1 July 2012, the ATO now requires businesses in the building and construction industry to report payments they make to each individual contractor. This information is to be submitted annually using the “Taxable Payments Annual Report” form. For the 2013 financial year, information was required to be disclosed by July 2013.
Following from this, we have received information that the ATO are going to telephone taxpayers in the building and construction sector about the following items:
• To test the level of understanding of the requirements of the new system;
• To ensure lodged reports are correct and complete;
• Follow up with businesses who have not yet lodged a report;
• Follow up with businesses who have advised us that they are not required to report.
If you have any questions, or require any assistance on how to respond to these questions please contact us on 07 3210 5500. Alternatively, please contact your usual contact at UHY Haines Norton.