The taxable payments reporting system (TPAR) will by extended from those in the building and construction industry to contractors in the courier and cleaning industries from 1 July 2018 if the proposed law below is enacted by parliament.
On 7 February 2018, the Treasury Laws Amendment (Black Economy Taskforce Measures No.1) Bill 2018 was introduced to Parliament. This Bill proposes to extend the taxable payments reporting system to businesses in the courier and cleaning industries.
Under the TPRS, businesses are required to report payments they make to contractors (individual and total for the year) to the ATO. This measure brings payments to contractors in the courier and cleaning industries into line with wages, which are reported to the ATO.
The Budget Papers said, “Businesses in these industries will need to ensure that they collect information from 1 July 2018, with the first annual report required in August 2019.
If you’d like more information on the proposed laws and how it may affect you, please click here.
There’s still time for you to have your say. If you would like to provide your comments you can do so here.