Under the taxable payments reporting system (TPRS), some businesses may need to report the total payments they made to contractors for relevant services. Government entities also may need to report payments they made for services and grants paid to people and organisations with an Australian business number (ABN).
These payments need to be reported to the Australian Taxation Office (ATO) in a taxable payments annual report (TPAR) by 28 August each year.
Payments made to contractors or subcontractors for the following services are to be reported:
- Building and construction services.
- Courier services.
- Cleaning services.
- Road freight services.
- IT services.
- Security, investigation, or surveillance services.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Consult with legal professionals for personalized guidance based on your specific circumstances.
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