Taxable Payments Annual Report (TPAR) system has been introduced by Australian Taxation Office (ATO) in the last few years to access more tax related information. Certain businesses that make payments to contractors or subcontractors need to lodge a TPAR by 28 August each year. Our local CLY Tax Accountants and Bookkeepers Nunawading can help you with Taxable Payments Annual Reports as well as regular bookkeeping Nunawading.
If your business provides a relevant service as below and pay contractors to provide the relevant service on your behalf, you must report the payments you pay to contractors for their services. Contractors can include subcontractors, consultants and independent contractors, and their structure can be sole traders (individuals), companies, partnerships or trusts.
- Building and construction services
- Cleaning services
- Courier services or road freight services
- Information technology services
- Security, investigation or surveillance services
- Government entities
The reporting requirement differs between the services provided, and detailed information can be found on ATO’s website.
Contractor Details to Report
- ABN (where known)
- Name (business name or individual’s name)
- Total amounts for the financial year of
- Gross amount paid (including GST plus any tax withheld)
- Total GST you paid them
- Total tax withheld where ABN was not quoted
- If you have business software such as Xero that can create a TPAR data file, you can lodge electronically through ATO Business Portal or through your business software.
- If you do not have business software, then you can lodge through ATO Business Portal by filling out the forms or through your tax or BAS agent.
- You can also lodge a paper Taxable Payment Annual Report (NAT 74109) form.
Our CLY Tax Accountants Nunawading are happy to help you prepare all information you need to lodge the TPAR.
Taxable Payments Annual Report (TPAR) system is designed for compliance of contractors. However, it could lead to compliance issues for your business. Thus, it is important that your accounting system is well set to help you capture the information required to report correctly and completely. Contact CLY Tax Accountants Nunawading to discuss about your current situation. We are happy to assist you fulfilling your reporting obligation with our professional knowledge and services. We are also available for any assistance regarding business accounting, bookkeeping and tax return needs.