Additional contractor reporting for specified industries

The taxable payments reporting system (TPRS) will be expanded from 1 July 2019 to include payments to contractors. From 1 July 2019, businesses employing contractors to undertake services on their behalf will be required to lodge an annual report to the ATO. This report details the contractor’s ABN and the amount paid to them each year, including GST.

Businesses in these industries will be required to lodge their first annual report in August 2020.

…To find out more about the potential industries that the taxable payment reporting system expend to, or if you are not sure if the current industry that you are in is affected, please come and talk to Tax Ideas Accountants & Advisers

Tel: (02) 8318 1545

Posted in Tax Updates.