Every year, businesses in the building and construction industry report the payments they make to sub-contractors, as part of the 'taxable payments reporting system'.
If you work as a sub-contractor, you'll report the payments you receive from the businesses you have worked for during the year on your tax return.
Why is this important?
If you're a sole trader, it allows you to use our pre-filling service to easily include these payments in your tax return.
It helps us make sure you aren't disadvantaged by competitors who don't pay the right amount of tax.
We can use it to contact businesses about anything they may have left out or potential mistakes.
We want new businesses to have the best chance of success; the information in this email may help you to get things right from the start.
Lodging reports and returns
Depending on what kind of business you have there are different reports and returns you may have to complete. You will need to a lodge a tax return for your business.
If you make payments to contractors for building and construction services, you also need to lodge a Taxable payments annual report.
Taxable payments annual reports are due by 28 August every year.
To find out more, visit ato.gov.au/TPRandyou
If you have any questions, you can phone us on
02 8041 8276
between 8.00am and 6.00pm, Monday to Friday
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