You may have read it in in the financial press but just to remind you that the following services will start reporting TPAR (Taxable Payments Annual Reporting) for the 2019/2020 financial year:
- 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 that are made to contractors for providing services. They can be operating as sole traders (individuals), companies, partnerships or trusts.
Note that if a business is in one or more of these industries, and they pay contractors who are in the same industry, then they are a reportable contractor.
If you have any queries in this regard then please contact your client manager.
Kreston Stanley Williamson Team
*Correct as of September 2019
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to 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 contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.