Taxable Payments Annual Report (TPAR) Obligations
The Australian Taxation Office (ATO) has issued a timely reminder, prompting businesses to assess whether they are required to lodge a Taxable Payments Annual Report (TPAR). This report pertains to payments made to contractors in specific industries, as detailed below.
Industries encompassed by the TPAR reporting requirement include:
- Building and Construction
- Cleaning
- Courier and Road Freight
- Information Technology
- Security, Investigation, or Surveillance
A key deadline to note is the 28th of August each year, by which TPARs are due. It’s essential to adhere to this date, as penalties may be imposed for late submissions. At Simmons Livingstone and Associates, we understand the importance of compliance and timely reporting to ensure our clients avoid any unnecessary financial repercussions.
To streamline the TPAR preparation process, we recommend maintaining comprehensive records of all payments made to contractors. Accurate record-keeping not only aids in fulfilling reporting obligations but also serves as a valuable resource for effective financial management.
If your business is not obligated to lodge a TPAR for the current year, it’s prudent to submit a TPAR non-lodgment advice form to notify the ATO accordingly. This proactive step not only prevents unnecessary follow-up but also demonstrates your commitment to regulatory transparency.
At Simmons Livingstone, we are dedicated to providing you with the guidance you need to navigate your financial responsibilities successfully. If you have any questions or require assistance in ensuring your TPAR obligations are met, please don’t hesitate to reach out to our team. Your financial well-being is our priority.
Contact your Simmons Livingstone advisor on 1800 618 800 or via email at admin@simmonslivingstone.com.au.
