If you are in the building and constructions industry, and have paid contractors in the 2015/2016 financial year then you are required to complete a Taxable Payments Report.
If you don’t need to report in the 2015/2016 year, because you are no longer in the building and construction industry, or you didn’t pay contractors during the year, you need to let the ATO know by completing the online form on their website. By doing this it means that you won’t be contacted by the ATO, asking for your form.
When paying contractors always check their ABN and GST registration details prior to payment. To do this you can use the ABN lookup tool or the ATO app. If you are using the latest version of online Accounting software like “MYOB AccountRight Live” the ABN & GST registration is verified when you enter the ABN number in the supplier card.
If you need assistance completing and lodging your taxable payments Summary, please contact Bookkeeping Pros and one of our experienced bookkeeper can help with this.