01

Oct

Paid a tradie or other contractor to help you?

   Posted by Admin

If you’ve paid a tradie or other contractor for building and construction services in the last year, you might need to lodge a Taxable Payments Annual Report (TPAR) by 28 August, if:

  • you earn 50% or more of your business income or 50% or more of your business activity is from building and construction – including carpentry, engineering, painting, plumbing and architecture
  • you pay contractors for building and construction services.

Over 70 occupations and work activities meet our definition of ‘building and construction’.

If you’re unsure whether you need to lodge a TPAR, check our list to see what’s covered.

If you claim deductions for contractor expenses in your tax return, it’s likely you’ll need to report.

Remember:

  • Keeping good records throughout the year will make lodging your TPAR quick and simple.
  • If you have business software check if it’s TPAR ready or check with your software provider. If you don’t have software, you can use our online TPAR.

The ATO has a free webinar available that will help you to:

  • know whether your business needs to report
  • understand how to prepare, record and report your TPAR.

Remember, tax agents and BAS agents can help you lodge a TPAR on your behalf.

Next step:

Find out more: