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Saturday, 1 June 2013

Building and construction industry - A letter from the Tax Office

From May 20, 2013, the Tax Office will be writing to businesses in the building and construction industry (BCI) to provide information about lodging the 'Taxable payments annual report'.
 
The letter from the Tax Office may include:
  • Information on when and how to lodge the first report;
  • A paper copy of the annual report form; and
  • Information about the Tax Office's Youtube video on how to lodge the report online. 
The requirement for businesses in the BCI to disclose amounts paid to contractors and sub-contractors together with each contractor's Australian Business Number (ABN) was recently introduced and takes effect from July 1, 2012.
 
Businesses which have previously reported a business industry code indicating they were operating in the BCI or claimed contractor expenses at the relevant tax return label will be receiving this letter from the Tax Office.
 
The Tax Office will also be emailing a list of clients who may have an obligation to lodge the report to tax agents. Tax agents will also be made aware that the list is not comprehensive and all possible clients operating in the BCI have an obligation to lodge their report.
 
The 'Taxable payments annual report' is due by:
  • July 21 each year with the exception of businesses with quarterly activity statements, which can lodge the report by July 28, 2013 in the first year; or
  • August 25, 2013 if it is prepared by a tax agent. This concession lodgment arrangement is available for the 2012/13 year only 
Further assistance currently provided by the Tax Office in this area includes:
  • Webinars;
  • Phone assistance visits; and
  • Advertising.
For more information, click here.

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