Just a friendly reminder that for the 2019/2020 financial year, the following services will be required to report TPAR (Taxable Payments Annual Reporting). You might have encountered this information in the financial press, but it’s always wise to consult a tax advisor to stay up-to-date with the latest developments.
- road freight services for contractor payments from 1 July 2019 (first report due by 28 August 2020)
- information technology (IT) services for contractor payments from 1 July 2019 (first report due by 28 August 2020)
- security, investigation or surveillance services for contractor payments from 1 July 2019 (first report due by 28 August 2020)
- mixed services (a business that provides one or more of the services listed above)
The TPAR tells the ATO about payments made to contractors for services. They can be sole traders (individuals), companies, partnerships or trusts.
Note that if a business is in one or more of these industries and pays contractors who are in the same industry, then they are a reportable contractor.
If you have any queries in this regard, then please get in touch with your client manager.
Kreston Stanley Williamson Team
*Correct as of September 2019
Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.