Taxable payments reporting system expanding

The Taxable payments reporting system (TPRS) is slowly being expanded to cover more and more industries. It first started with the building and construction industry and from 1 July 2018 also includes contractors that provide courier and cleaning services. Businesses that make payments to contractors in these industries will need to lodge their first annual report by 28 August 2019.

The ATO has issued some guidance (LCR 2018/8) on how these rules will apply. Your tax agent or tax adviser will, of course, be able to assist you to meet your reporting obligations.

In late November 2018, legislation was passed to further expand the TPRS to contractor payments in the following industries:

  • security providers and investigation services;
  • road freight transport; and
  • computer system design and related services.

Businesses will be required to lodge their first annual report for payments in these industries by 28 August 2020.

The ATO has issued some digital resources, fact sheets and webinar recordings to assist taxpayers to understand their reporting obligations. However, your primary resource for assistance is your tax agent or adviser.

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