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New reporting system for building and construction

New reporting system for building and construction

From 1 July 2012, businesses in the building and construction industry need to report to the ATO each year, the total payments they make to each contractor for building and construction services.

Businesses are encouraged to check how they keep their records to make sure they have the details required for the new Taxable payments annual report.

The first annual report is due 21 July 2013 for payments made in the 2012-13 financial year. In this first year businesses that lodge their business activity statements quarterly, may lodge by 28 July 2013.

For more information, go to www.ato.gov.au/taxablepaymentsreporting

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