Building & Construction Industry - Taxable Payments Annual Reporting
Written on the 25 July 2013
The Taxable Payments Annual Reporting is a new obligation placed on businesses in the Building & Construction Industry for the 2013 financial year. The first Taxable Payments Annual Report is due 21st July 2013 for payments made in the 2012-13 financial year (forms have been sent out from the ATO) . In this first year if you lodge your business activity statement quarterly, you may lodge on 28th July, 2013. The following is more information regarding your obligations:
Who needs to report?
From 1 July 2012, you need to report if all of the following apply:
Payments you need to report
You need to report payments you make to contractors for building and construction services.
Building and construction services include any of the activities listed below if they are performed on, or in relation to, any part of a building, structure, works, surface or sub-surface:
Payments you do not report
You are not required to report on payments if the invoices are for materials only, such as building supplies and materials.
Do not report any unpaid invoices as at 30 June each year – for example, if you receive an invoice in June 2012, but you do not pay that invoice until some time in July 2012, you report that payment in the 2012–13 Taxable payments annual report.
You do not report payments that are required to be reported in a PAYG withholding annual report – for example, payments to:
If you need any help with meeting your Annual Report obligations, please contact us on 02 4365 0377.