A new reporting regime from the ATO requiring annual reporting of payments for services in the building and construction industry will begin on 1 July 2012.
Businesses involved in the building and construction industry should ensure systems and procedures are in place to record and report the payments.
Businesses are required to report annually actual payments made to contractors providing building and construction services on a contractor by contractor basis.
The following details are to be reported:
- The contractor’s name
- The contractor’s ABN
- The contractor’s address (if known)
- The total amount paid or credited to the contractor over the income year
- Whether any GST has been charged
The new reporting requirement applies to all purchasers in the building and construction industry who have an ABN.
Building and construction services include alteration, assembly, construction, demolition, design, destruction, dismantling, erection, excavation, finishing, improvement, installation, maintenance, management or organisation (of building and construction services), modification, removal, repairs and site preparation.
If you have any questions regarding these new reporting requirements please contact us.
ACTION step: Make sure all these details are recorded from July 1 2012.
For more information: Phone – 075539 9777 or email email@example.com