The 2012 Federal Budget squashed all promise of reduced tax compliance costs and simplification for small and medium sized businesses. In fact just the opposite is true, as 1 July 2012 will usher in the need for more compliance in the Building and Construction Industry. A Taxable Payments Annual Report will need to be completed annually and the first of these reports for payments made in the 2012-13 year is due by 21 July 2013.
A list of the relevant occupations and criteria for business activities within the industry can be found on the ATO website, by searching for QC00313486 on the ATO website (www.ato.gov.au). The ATO are currently holding webinars (web-based seminars) until 29 June outlining much of what can be found on their website.
The report is available from the ATO and we will have copies available at our office. The reports will require the following details about each contractor:
- Annual Gross Amount paid
- Total GST included in Gross amount
For more information, please contact our office on 08 8186 8444 or speak with your accountant if you wish to receive a copy of the new report you will be required to complete.