Is the ATO giving you a hard time because you haven't done your TPAR for 2020 financial year or before? You are not alone. There are many in the Building and Construction industry who have not lodged their 2020 Taxable Payments Annual Report and the ATO are cracking down.
So what is a TPAR? It is a report that certain sectors of business must lodge with the ATO on a yearly basis. To date, it is the Building & Construction industry, couriers or road freight services, cleaning services, Information Technology services and investment or surveillance services. The ATO are increasing the number of sectors that must report TPAR.
The TPAR reports on all of the sub contractors that you have engaged throughout the year. Those subbies might be sole traders, parnerships or companies or trusts. You have to tell the ATO who you have engaged, how much labour they have invoiced you for and provide the subbies phone, address, ABN, and whether or not they charged you GST.
Making sure that you do not pay a subby unless he has provided you with an invoice that has an identifying number, is dated, has all of the above details on it, and checks out with the ABN register for GST charged will help you enormously when it comes to producing your TPAR. If you don't make sure these things are in place before you pay your subby, you can easily find yourself chasing them later for information that is either not forthcoming or incorrect.
Give me a call today if you are having difficulty putting your TPAR together. We specialise in this report and can take the worry out of producing it for you.
Bookkeeper, BAS Agent, Diploma Accounting, I love helping small businesses get their books back in order and create calm out of chaos.