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Does your business pay contractors?
If contractors are paid to provide certain services, then you may need to lodge a Taxable payments annual report (TPAR) by 28 August to avoid penalties.
If you run a business which provides any of the following services and you pay a contractor to provide them on your behalf, you may need to lodge a TPAR:
- building and construction
- cleaning
- courier and road freight
- information technology (IT)
- security, investigation and surveillance.
TPARs ensure that contractors report all their income.
On your TPAR, you need to record the:
- contractor’s name,
- address
- ABN
- total amount you paid them for the previous financial year – including any GST and cash payments.
You can find these details on your contractors’ invoices. It’s the same information you use to claim income tax deductions through your tax return, and GST credits through your business activity statement.
There are various methods to lodge TPAR such as via the ATO online portal (these payments are now appearing on the ATO prefills), via your business software or via your registered tax professional such as your local TaxAssist Accountant who can lodge on your behalf.
Remember - penalties may apply if you don’t lodge your TPAR by 28 August!
How we can help
If you would like assistance in lodging your TPAR, our accountants are on hand to explain what is required according to your personal situation. Contact us here or call us on 1300 513 332.
Date published 16 Aug 2024
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