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  • Taxable payments reporting – building and construction industry

    Attention

    Recent updates

    In October 2014 we updated:

    • Lodging your Taxable payments annual report – online information was updated including a new link to Taxable payments annual report software products
    • Payments you don’t report – payments for private and domestic projects information was updated including new examples: 11a  and 11b
    • Frequently asked questions and answers – the answers to questions 18, 22 and 23 were updated.
    End of attention

    Overview

    Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.

    You need to report these payments to us on the Taxable payments annual report.

    Attention

    To make it easier to complete the annual report, you may need to check the way you currently record your contractor payment information.

    End of attention

    Background

    Taxable payments reporting for businesses in the building and construction industry aims to improve compliance with tax obligations by those contractors who are currently not doing the right thing.

    The information reported about payments made to contractors is used in our data matching program to detect contractors who have not:

    • lodged tax returns, or
    • included all their income on tax returns that have been lodged.
    • Last modified: 06 Feb 2015QC 27311