The following list of dates relate primarily to your tax and superannuation, but also mention a few other requirements. Feel free to download a copy as a reminder.
Does your business make payments to contractors or subcontractors? If so you may need to lodge a TPAR by 28 August this year.
We know that the ATO has been increasing their access to business data with the aim of improving compliance. This is also the case with the TPAR and one of the key reporting obligations that businesses who use contractors need to pay attention to.
The information collected in the TPAR allows the ATO to identify contractors who are not meeting their tax obligations.
Not all businesses need to be concerned about TPAR. If your business provides any of the following services, even if it's just a small part of the services you provide each year, then you may need to submit a TPAR:
The TPAR reports on payments made to contractors for providing services and does not include amounts paid for the provision of materials. This includes the engagement of businesses operating as sole traders (individuals), companies, partnerships or trusts and does not include employees of your business.
The details you need to report about each contractor are generally found on the invoice you should have received from them. This includes:
To find out more and determine whether your business is required to lodge a TPAR you can visit the ATO website. Alternatively, to discuss your reporting obligations and answer any other business questions you have please talk with us. Our team at BLG Business Advisers are Wollongong Accountants who service right across Australia and are here to assist you.
As always we wish you and your business every success!