Construction contractors report form released
The Tax Office has now made available a sample form for the new Taxable Payments Report for building and construction businesses who engage contractors, which starts from July 1, 2012. The sample form outlines the information required when the reporting changes come into force. The actual forms will be available from the Tax Office website after July 1 (go to www.ato.gov.au and search for ‘NAT 74109’ to get to the right web page). The Tax Office has also provided an accompanying guide (there’s a link at the bottom of the above web page).
The first annual reports are required for the year ending June 30, 2013, so affected builders (and contractors hiring sub-contractors) will need to start keeping appropriate records from the commencement of the 2012-13 income year.