Lodging your Taxable Payments Annual Report
With the start of the new financial year, it’s time to consider your obligations regarding the Taxable Payments Annual Report (TPAR). Whether you’re a seasoned business owner or new to this process, understanding your requirements is essential. Here’s a comprehensive guide to help you navigate through lodging your TPAR for the year ending 30 June 2024.
Who needs to lodge a TPAR?
If you operate in one of the following industries and have hired contractors to perform work directly connected to your business operations, you are required to lodge a TPAR:
- Building and construction services
- Cleaning services
- Courier services
- Road freight services
- Information Technology services
- Security, investigation, and surveillance services.
Important deadlines
Your annual report must be lodged by Wednesday 28 August 2024. Should you face any challenges meeting this deadline, contact the Australian Taxation Office (ATO) or your tax agent to request an extension.
What you need to do
Even if you haven’t hired contractors or are no longer operating in the aforementioned industries, you must inform the ATO of this. Your tax agent can assist with this notification.
How to lodge your annual report
You have several options for lodging your TPAR:
Tax agent assistance
Your tax agent can prepare and lodge the report on your behalf. Ensure you provide the necessary details for each contractor paid during the year ended 30 June 2024 by 7 August 2024.
Online lodgement via the ATO Business Portal
The most secure and convenient method is online lodgement through the ATO Business Portal. Many accounting software programs can generate the annual report for you. If you don’t have access to the Business Portal, your tax agent can lodge the report.
Paper form submission
You can order a paper form from the ATO’s website or by calling the ATO’s publications ordering service on 1300 720 092. Allow 7-10 days for postal delivery, and be mindful that you may need to apply for an extension if opting for this method.
Information required for each contractor
To complete the TPAR, you need the following details for each contractor:
- Business name as shown on the invoice or the full name if an individual
- Address
- Australian Business Number (ABN)
- Telephone number
- Total gross payment amount for the year
- Total GST paid for the year
- Amount of tax withheld if ABN was not quoted.
Need assistance?
Navigating tax obligations can be complex, but you don’t have to do it alone. If you have any questions or need assistance with lodging your annual report, please reach out.
By staying informed and proactive, you can ensure a smooth and compliant tax reporting process for your business.
