Building & Construction – Industry Annual Reports

The ATO is sending out letters this month to building and construction industry businesses, reminding them that the 2013/2014 Taxable payments annual report is due by 21 July 2014.

Businesses affected are those that:

  • Are primarily in the building and construction industry. These are businesses that have any of the following characteristics:

–    50% or more of business income is derived from providing building and construction services in2013/2014

–    50% or more of business activity relates to building and construction services in 2013/2014

–    In 2012/2013, 50% or more of business income was derived from providing building and construction services.

  • Make payments to contractors for building and construction services, and
  • Have an ABN.

For each contractor, businesses need to report:

  • ABN
  • Name
  • Address
  • Gross amount paid for 2013/2014 (including GST)
  • GST paid in the gross amount

You should contact Eclipse Accounting Group if you would like assistance with this reporting or are unsure whether it applies to your business’s circumstances.

Posted on the 04-05-2014