The ATO has announced that those businesses providing services in the following 3 industries will be caught in the “TPAR net” (Taxable Payments Annual Report) from 1st July 2019.
- Road freight services
- Information technology services
- Security, investigation or surveillance services
From 1st July 2019, businesses in the above 3 industries will need to track payments made to contractors they use to provide their services. Then, they will need to report these payments in their first TPAR which will be due for lodgement by 28th August 2020.
Read more from the ATO about this here.
If your business in included in any of the above industries and you think you will need help setting up tracking payments to contractors in your chosen accounting software and/or lodging the TPAR, please don’t hesitate to get in contact with us.
Practice Owner & BAS Agent - e-BAS Accounts
I live and work in Marshall, Victoria, in my home office running my small business, e-BAS Accounts. I am married and have 3 grown up children who have moved on and are making their own way in the world. I enjoy looking after my fitness and visit the gym at least 3 times a week. When the weather permits, my husband and I also enjoy walking around this beautiful town. We are also keen "foodies" and visit the multitude of cafes and restaurants on offer here quite often - hence the need to go to the gym! My business keeps me very busy so I don't have much time for much else, but what spare time I do have is dedicated to my family and children and their needs.e-BAS Accounts