New reporting requirements for Building & Construction businesses

From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. You need to report these payments to us on the “Taxable Payments Annual Report”.

The aim of the system is to improve compliance with tax obligations by those contractors who are currently not doing the right thing. The information reported about payment made to contractors will be used for our data matching to detect contractors who have not lodged tax returns or have not included all their income on tax returns that have been lodged.

The annual report is due 21 July each year. If you need assistance to complete your report please contact our office as soon as possible.