80A Main Road, Riddells Creek 3431 | Ph: (03) 5428 7827

Latest Accounting News

ATO set to contact clients for overdue TPAR

The Tax Office will begin contacting clients in the building and construction industry about their overdue taxable payments annual reports.

 

 

In an online update, the ATO has announced that tax practitioners who have clients in the building and construction industry, will begin to receive a list of their clients and the years overdue for their TPAR obligations.

“If your clients have not lodged their 2018 or prior year taxable payments annual reports, now is the time to get them back on track to avoid penalties,” said the ATO.

In October, the taxable payments reporting system (TPRS) was extended to the courier and cleaning industries, with a retrospective start date of 1 July 2018.

This was closely followed by an extension to the road freight, security, investigation, surveillance and information technology (IT) industries, with a start date of 1 July 2019.

The TPRS is a transparency measure that was first applied to the building and construction industry, recouping an extra $2.3 billion in its first year of operation in 2012.

Tax practitioners and bookkeepers have been urged to start educating clients on their obligations and ensuring that business clients start keeping records of contractor payments.

It is understood that the new, online TPAR form will allow further functionality, including the ability for tax and BAS agents to see client taxable payments annual report lodgment history.

“This form will be made available to inpiduals in business via MyTax initially, then progressively being made available in the Business Portal, Online Services for agents, and third party software,” the ATO BAS Agent Association Group said last year.

 

Jotham Lian 
30 January 2019
accountantsdaily.com.au