Did you know?
If you’re a business that is primarily in the building and construction industry, you need to track and report ALL payments you make to contractors for building and construction services.
The definition of these services is getting broader and more businesses are being captured. Some examples include architects, earthworks, engineering, landscaping, construction, painting…even wallpapering is included!
The ATO have recently emphasised this area as a target area for compliance so if you think this applies to you check the rules at https://www.ato.gov.au/business/reports-and-returns/taxable-payments-annual-report/ or contact us for assistance.