Businesses and Contractors in the Building and Construction Industry
The first Taxable payments annual report was due by 21 July 2013 (or by 28 July 2013 for those who lodge activity statements quarterly). An extension was granted to tax agents to lodge these reports on behalf of their clients to 26 August 2013.
Businesses are required to report each contractor’s ABN, name and address, the total amount paid for the year and the total GST included in that amount. You should be able to find most of the information you need for the report in the invoices received from contractors.
Separately, if you are a contractor, you will need to:
- lodge your 2012-2013 tax return by the due date and include all income;
- lodge any prior year tax returns as soon as possible;
- consider making a voluntary disclosure if a mistake may have been made in a previously lodged tax return. Where you voluntarily advise the ATO of any errors or omissions, any penalties that apply may be reduced.
The information reported will allow the ATO to identify those contractors who have either not included all their income in their tax return, or not lodged tax returns.