Now businesses primarily in the building & construction industry are required to report the total payments they make to each contractor for building and construction services. The records of relevant contractor payment should be kept to include the following:
- Total gross amount they paid for the financial year including GST
- Total GST included in the gross amount paid
The first Taxable payments annual report is due 21 July 2013 for payments made in 2012-2013 financial year.
For more information on the new reporting requirements, visit http://www.ato.gov.au/businesses/content.aspx?doc=/content/00313486.htm&alias=taxablepaymentsreporting