What is the Taxable Annual Reporting System?

The building industry has been required to report payments to contractors/sub-contractors directly to the ATO for some time. The system is intended to capture payments made to contractors/sub-contractors and reported to the ATO annually.

Taxable Annual Reporting System to Be Expanded

From 1 July 20019, the ATO will expand TPRS to include the following industries:

• security, investigation, or surveillance services
• road freight services, and
• information technology (IT) services

When Must

Taxable Annual Reporting Reports Be Lodged with the ATO?

Required to be lodged from August 2020, the annual report must report details on:

• contractor’s ABN
• the amount paid to them each year
• GST where paid

Maynard Accounting has many years of experience working with small businesses. For assistance with TPRS solutions and reporting, contact one of our friendly consultants.