Now businesses primarily in 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 include the following:• ABN• Name• Address

• 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