Building and Construction Tax Advice for End Of Financial Year

Building and Construction Taxation Reporting

From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year if all of the following apply:

•  you are a business that is primarily in the building and construction industry
•  you make payments to contractors for building and construction services
•  you have an Australian business number (ABN).

You are considered to be a business that is primarily in the building and construction industry if any of the following apply:

• in the current financial year, 50% or more of your business income is derived from providing building and construction services
• in the current financial year, 50% or more of your business activity relates to building and construction services
• in the financial year immediately before the current financial year, 50% or more of your business income was derived from providing building and construction services.

Your first report is due to be lodged by 21 July 2013.

Call our tax agents and advisors now on (02) 9871 3429 to see how we may assist with your building and construction taxation planning or tax return.