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  • Taxable Payments Reporting System - extension to services - video update from Assistant Commissioner Peter Holt

    Video and transcript

    Media: Taxable Payments Reporting System - extension to services
    http://tv.ato.gov.au/ato-tv/media?v=nixx79jn5dh4brExternal Link(Duration: 01:49)

    Download: Taxable Payments Reporting System - extension to services (MP4 189MB)This link will download a file

    Hi I'm Peter Holt, Assistant Commissioner at the ATO.

    Heard about the black economy? It includes things like paying workers cash-in-hand and contractors not declaring income. And it's a problem that is estimated to cost the economy as much as $50 billion a year.

    The Taxable Payments Reporting System plays a critical role in our efforts to tackle the black economy. So, if you make payments to contractors or subcontractors, you may need to report to us in a Taxable Payments Annual Report also known as a TPAR.

    And if you pay contractors to provide certain services on your behalf, you might also need to lodge a TPAR. These services include building and construction, road freight, courier or delivery services, cleaning, information technology, and security surveillance or investigation services.

    Importantly, you'll still need to lodge even if these only form part of the services that you offer. You'll need to lodge the TPAR by the 28th of August each year.

    There are three easy steps to complete the TPAR.

    • First, check if you need to report or speak to your registered tax professional.
    • Second, record all payments to contractors that provide the services I mentioned earlier.
    • Third, prepare and lodge your TPAR, choosing the lodgement option that works best for you.

    Recording payments to contractors throughout the year will help you get it right. You'll find a great range of support material on our website at ato.gov.au/tpar.

    And thanks for your help as we work together to tackle the impacts of the black economy on our community.

    Last modified: 09 Jun 2020QC 62819