The Australian Taxation Office (ATO) released guidance on 24 July 2024 for businesses that may need to submit a Taxable Payments Annual Report (TPAR) by 28 August 2024 concerning services provided by contractors.
Businesses that offer services such as building and construction, cleaning, courier and road freight, information technology (IT), and security, investigation, and surveillance may be required to file a TPAR if they pay contractors to provide these services on their behalf.
In their TPARs, businesses must include the contractor’s name, address, and Australian business number (ABN), as well as the total amount paid to them during the previous financial year, which should include any goods and services tax (GST) and cash payments.
Penalties may apply if the concerned businesses don’t lodge their TPAR by 28 August 2024.
