From 1 July 2018 businesses that operate in the cleaning or courier industries will need to start collecting and reporting information for payments made to contractors.
It does not matter how the Contractors operate their businesses, whether they are sole traders (individuals), partnership, trusts or companies, all payments must be reported.
The first annual reporting obligation for both industries is for the financial year ending 30 June 2019, being due 28 August 2019.
What kind of payments do I need to report?
The payments that you need to report are only those payments made to contractors that provide services for your specialised industry.
For example, cleaning businesses will only need to report on payments made to contractors that provide cleaning activities and the same for Courier businesses.
What details should I record?
The details you need to report for each contractor will include their ABN (if known), Contractor’s name, address, total gross amount you paid for the financial year and total GST included in the gross amount paid.
To work out whether or not your business has an obligation to report, click on https://lets-talk.ato.gov.au/TPRSCC for more information or simply give us a call today!
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