Stay off the ATO’s radar and lodge your TPAR on time.
The Taxable Payments Annual Report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
Affected industries where taxpayers may have an obligation to lodge a TPAR are:
Cleaning services;
Building and construction services;
Road freight;
Courier services;
Information technology services; and
Security, investigation or surveillance services.
The tax office has drawn a line in the sand for reporting contractor payments annual and has warned businesses who fail to lodge on time could be seen as a “red flag” and may become an audit target.
To prevent penalties or a potential audit, taxpayers that are required to lodge, should submit their 2022/23 TPAR before 28 August 2023.
If you need assistance with this, please get in contact with us before the deadline.