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:
- 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.