If you run a cleaning or courier business you will need to start lodging taxable payments annual report (TPAR). This will give the details of all payments to contractors to the ATO.
What do you need to do?
As of 1st July 2018 you will need to keep details of all payments you make to subcontractors, consultants and independent contractors.
The details you will need to keep are:
- their ABN
- their name and address
- the total amounts you paid to them during the financial year (including GST)
The first TPAR will need to lodged by 28th August 2019 which will cover payments made to contractors 1st July 2018 to 30th June 2019.
More information about taxable payment reporting can be found visiting the ATO website.
(https://www.ato.gov.au/Business/Reports-and-returns/Taxable-payments-annual-report/)
If you have any questions or concerns about taxable payment reporting please contact our team at Melbourne Tax Advisory.