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2015 Taxable Payments Annual Report for the Building and Construction Industry

The 2015 Taxable Payments Annual Report is due on 28 August 2015 for those who are in the building and construction industry who pay contractors for building and construction services.

The total amount of payments made to each contractor must be reported each year by businesses in the industry. The aim of the taxable payments reporting is to improve compliance with tax obligations of contractors who are not doing the right thing.

For those who are not in the building and construction industry any longer and for those who did not make any payments to contractors during the 2014-2015 financial year, the not required to report form must be completed. The information gathered from the payments made to contractors is used to detect those who have not  included all their income on tax returns that have been lodged or lodged tax returns.

For more information go to ATO website or please feel free to contact us or call 08 9301 2200.

written by:

McKinley Plowman