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Taxable Payments Reporting for Building and Construction Industry

If you are in the building and construction industry and you have an Australian Business Number (ABN), you may need to report certain payments you make to contractors for certain building and construction services.

You need to report certain details in relation to the contractor to whom you make payments, including their ABN, name, address and amount you paid them (including GST). Generally, these amounts need to be reported to the ATO by 21 July, which is very soon after the financial year end.

As these rules apply from 1 July 2012, it might be a good time now to look at the kinds of records you keep in relation to payments you make to contractors and see if you need to change anything to help you comply with these new rules. We can assist you with the types of records you might need to start keeping to help you meet this obligation. It might turn out that you don’t need to change any of your record-keeping details and you will be able to meet this obligation.

We greatly value our clients and are committed to honouring the trust they place in us by creating visible results for them. Get in touch to find out how we can help our clients maximise profits, minimise tax, and invest the balance for growth.

written by:

McKinley Plowman