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.