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Constructing and Design Field – Taxable Payment Reporting

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As aspect of the 2011-12 federal budget, the federal government announced the introduction of Taxable Payments Reporting for firms in the setting up and development sector.

What does this signify?

As of the 1st of July 2012, details will have to have to be noted to the ATO about payments manufactured to contractors for developing and design services. This is to be carried out on an ATO sort known as Taxable Payments Annual Report. Design & Build with professionals

Who is expected to report?

You will need to report if all of the adhering to apply to you:

  • you are a business that is largely in the developing and building market
  • you make payments to contractors for making and construction products and services and
  • you have an ABN

When and what do you have to have to report?

The Taxable payments annual report is thanks on the 21st July each individual calendar year, which means the first report will be due on the 21st July 2013. This suggests information desires to be gathered from the 1st July 2012. For every contractor, you will need to have to report:

  • ABN
  • identify
  • address
  • gross amount of money you paid for the monetary calendar year and
  • whole sum of GST integrated in the Gross sum compensated

What payments do you need to have to report?

You need to report payments to contractors for making an development solutions. These incorporate the adhering to if they relate to any portion of a making, construction, functions, area or sub-surface area:

  • Alteration
  • Assembly
  • Construction
  • Demolition
  • Design
  • Destruction
  • Dismantling
  • Erection
  • Ending
  • Improvement
  • Installation
  • Upkeep
  • Administration of Making Providers
  • Modification
  • Organisation of Setting up Companies
  • Removal
  • Repair service
  • Web site Preparation

What payments don’t you need to report on?

  • Payments for Supplies only
  • Unpaid Invoices at 30th June (e.g. an invoice raised on 30 June 2013 and compensated on 7 July 2013 ought to be claimed in the 2013-14 report)
  • Spend As You Go withholding payments
  • staff
  • staff engaged under voluntary settlement to withhold
  • personnel engaged underneath a labour retain the services of or non-labour use arrangement
  • contractors who do not quotation an ABN
  • Payments for private and domestic projects (e.g. renovating your possess house) or
  • Payments inside consolidated groups.

What to do up coming?

You will need to start out reporting this on the 1st July 2012, which indicates you need to start out searching at strategies to capture this information. The ATO have incorporated a worksheet to support you when reporting. The ATO also supply 45 moment on the internet webinar to help you.

For much more information, remember to contact Paul on 0407 352 504 or visit

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