Avoid penalties - Taxable payments reports due in two weeks

The Australian Tax Office would like to remind contractors that the Taxable payments annual report (Report) is due by August 28.

The Report captures payments made to contractors for providing services within the building and construction sector over the past year.

Contractors include subcontractors, consultants and independent contractors. They may operate as sole traders (individuals), companies, partnerships or trusts.

Lodging a Report

If you’ve paid contractors for services within the building and construction sector over the past financial year, you need to complete a Report providing the following details about each contractor:

  • Australian Business Number (ABN) where known
  • Name and address
  • Gross amount you paid them for the financial year (excluding GST).

You have the choice of lodging your report online or via a paper form.

You need to report even if you didn’t pay contractors

Even if you didn’t pay contractors for building and construction sector services this year, you need to let the Australian Tax Office (ATO) know to avoid unnecessary follow up from the taxman.  Simply complete the Taxable payments annual report – Not required to lodge online form.

Avoid penalties and unnecessary calls from the taxman by completing the correct forms by 28 August 2018.

You can find full details on the ATO website.