Building and Construction Industry – Taxed Payment Reporting

Included in the 2011-12 federal budget, the federal government announced the development of Taxed Payments Reporting for companies within the building and construction industry.

Exactly what does this suggest?

By the first of This summer 2012, information will have to be reported towards the ATO about payments designed to contractors for building and construction services. This will be done with an ATO form known as Taxed Payments Annual Report.

Who’s needed to report?

You have to report if the following affect you:

you’re a business that’s mainly within the building and construction industry

you are making payments to contractors for building and construction services and

you possess an ABN

When and just what must you report?

The Taxed payments annual report arrives around the 21st This summer every year, meaning the very first report is going to be due around the 21st This summer 2013. What this means is data must be collected in the first This summer 2012. For every contractor, you will have to report:

ABN

name

address

gross amount you compensated for that financial year and

amount of GST incorporated within the Gross amount compensated

What payments must you report?

You have to report payments to contractors for building an construction services. Included in this are the next when they connect with any kind of the building, structure, works, surface or sub-surface:

Alteration

Set up

Construction

Destruction

Design

Destruction

Dismantling

Erection

Finishing

Improvement

Installation

Maintenance

Control over Building Services

Modification

Organisation of creating Services

Removal

Repair

Site Preparation