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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.

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