• Taxable payments

    We will display contractor payment information reported to us by businesses in the building and construction industry in the Taxable payments annual report.

    For contractors receiving payments from multiple businesses in the industry, the information will be available as reports are received and processed. It may take some time for all this information to be reported.

    Only high-quality data will be displayed in the pre-filling report, but all data may be used for compliance purposes at a later time. Contractors should check their own records to ensure all income they have been paid is included in their tax returns.

    The contractor payment information will not be mapped to a specific label – it will be provided in a summary.

    As with other pre-filled items, information will only be available for individual contractors – it will not be available for contractors that operate as companies, trusts or partnerships.

    The contractor payment information will include:

    • Payer name
    • Payer ABN
    • Date available for pre-filling
    • Type
    • Tax withheld
    • GST
    • Gross amount paid.

    It should be noted that:

    • gross amount paid includes GST
    • amounts invoiced, but not actually paid in the financial year, are not included
    • tax withheld amounts represent total tax withheld where ABN was not quoted.

    Information about reporting requirements, refer to Taxable payments reporting – building and construction industry.

    Net farm management deposits or repayments

    Information is reported by financial institutions and will include:

    • company name
    • account number
    • account holder name
    • details of deposits, repayments, transfers in and transfers out.
      Last modified: 08 Jul 2016QC 34683