MWL FINANCIAL GROUP
SECTION – YOUNG ENTREPRENEURS
SUBJECT – Taxable Payments Reporting
Hi, I am Justina Wongso, Structure Advisor for Young Entrepreneurs and start ups at MWL Financial Group
If you work in the building and construction industry you will need to prepare and lodge Taxable Payments Annual Report for the ATO. So what exactly does that mean?
The Taxable Payment report is list of all the payments you have made to contractors and subcontractors throughout the financial year for building and construction services. This means any payment you make that has a labour content involved needs to be reported separately to the ATO at the end of the year.
You will need to include all details of your contractors & subcontractors such as their ABN, name, address, amounts you paid and any GST involved.
It is really important to remember that any entity can be considered a contractor, individual sole traders, partnerships, companies and trusts should all be included in this annual report.
So if you need to help to understand what the ATO mean by labour content ? How to keep track of these payments and to understand what payments should be included within your taxable payments report, get in touch and I can help you.
For more information contact us at firstname.lastname@example.org and either me, Justina Wongso or one of our experts will be more than happy to help.