Extension Of Taxable Payments Reporting To Courier And Cleaning Industries
The Government will extend the Taxable Payments Reporting System (TPRS) regime to include contractors in both the courier and cleaning industries effective from July 1, 2018. The TPRS already applies to the building and construction industry where businesses are required to lodge an annual report with the ATO disclosing payments made to contractors in the preceding 12 months. The ATO uses this information to detect mismatches between payments made to contractors and the income declared by those contractors.
Entities in the cleaning and courier industries will need to collect the required information from July 1, 2018. These business owners will need to consider how the required information can be extracted from their record keeping systems well before the first annual report is due for lodgement in August 2019.
Click HERE to download the full edition of The Business Accelerator Magazine for June 2017
Other Articles in This Edition:
Some of the Biggest Mistakes Small Businesses Make With Their Websites
Federal Budget – Economic Summary
Small Business - $20k Small Business Immediate Tax Deduction
Small Business - Company Tax Rates
Small Business - Access to CGT Concessions
Small Business - Looking to Employ Foreign Workers?
Individual Tax Rates
Individuals - Changes to the Medicare levy
Restricting Residential Investment Property Deductions
Individuals - Higher Education Reform
Superannuation - Contributing Proceeds from Downsizing to Superannuation
Superannuation - First Home Super Saver Scheme
GST Changes - Purchasers to Pay GST on New Residential Premises
GST Changes - Digital Currency & Low-Value Imports
Tax Integrity Measures
DISCLAIMER: This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances. While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001.