What is taxable payment annual reporting or TPAR?
This is the report lodged to ATO for the contractor payments you have made during the financial year. This tells ATO about the payments are made to the contractors for providing services.
Contractors can include subcontractors, consultants and independent contractors. They can be operating as sole traders (individuals), companies, partnerships or trusts.
Am I required to lodge the Payment Annual Reporting or TPAR?
You only need to lodge if your business is in the following category. Here are the businesses who need to lodge a Taxable payment annual report (TPAR) by 28 August each year if you are a:
- building and construction services
- cleaning services – for contractor payments from 1 July 2018 (first report due by 28 August 2019)
- courier services – for contractor payments from 1 July 2018 (first report due by 28 August 2019)
- road freight 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)
- information technology (IT) services – for contractor payments from 1 July 2019(first report due by 28 August 2020)
What information do I need from Contractor?
The details you need to report about each contractor are generally found on the invoice you should have received from them. This includes:
- their Australian business number (ABN), if known
- their name and address
- gross amount you paid to them for the financial year (including any GST).
Can S & H Accountants help me?
Yes, we have extensive experience in this field, and we help you to lodge TPAR as well as BAS and Tax returns for your business. Talk to Accountant at S & H Accountants today to get started.
If you still have any question, feel free to contact accountant in Cranbourne and Accountant in Chadstone. We at S & H Accountants have worked with above listed businesses and lodged the TPAR for them. We are experienced accountants in Chadstone.