Building & Construction – Industry Annual Reports

May 4, 2014

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.

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