The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
Affected industries where taxpayers may have an obligation to lodge a TPAR are:
From 23 March 2022, the ATO will apply failure to lodge penalties to those who:
In the coming weeks the ATO may be phoning tax agents (or taxpayers directly) about their overdue TPAR, to follow up the non-lodgment letters that have been sent.
There are different support grants from the government to your business that might be eligible for. If you need help with your grant application, we can assist. We can help you confirm your eligibility for assistance, prepare your funding application, or simply give you advice. We’ll take care of you.
This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.