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  • Business transactions through payment systems

    Organisations that process transactions for their business clients through an electronic payment system need to report these transactions in a Business transactions through payment systems report to us.

    Reports need to be submitted by 31 July each year. Reporters can choose to provide the required data more frequently during the year through monthly reporting or by providing multiple months per report.

    The information reported will be used to:

    • pre-fill tax returns to make it easier for individuals and businesses to lodge
    • ensure businesses comply with their tax obligations, including lodging their tax returns and reporting their income.

    Pre-filled income information

    If you have information reported to us on your electronic payments, you will be able to view this in myTax. We will provide you with the reporter's name and the gross annual payment. This information will be pre-filled into your tax return.

    The pre-filled income can't be deleted as it is ‘information only’ and has not been pre-filled to a particular label. The pre-fill information is to assist in completing your tax return, and you should rely on your own records to determine the amount of income to be declared.

    You must report this income in your tax return if you are carrying on a business.

    If you sell products or services online, you need to understand whether you are doing it as a hobby or carrying on a business. See Online selling – hobby or business?

    If the income is for personal transactions, you don't need to include it in your tax return or contact us if you exclude amounts that are personal in nature. However, you must keep your own records.

    We pre-fill income to the entity that earned it based on the information reported to us:

    • Our data providers report the client details that are recorded against the account. At times this will lead to income being prefilled to an individual where it should be declared in a related entity return. For prefill to be correct in future years you should update any incorrect account details with your payment provider.
    • If you no longer own the account that has been pre-filled, contact the reporter and update the account details. We can't update the information for you or change the pre-filled data.
    • If the payment belongs to another entity, contact either
      • the reporter – to update your details if you know who the payment belongs to
      • us – if the reporter and payment is unknown to you.

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    Last modified: 23 Jul 2020QC 53114