Extension of the TPAR to Courier and Cleaning industries

By Lexi Goulden 2 weeks ago

TPAR (Taxable Payment Annual reporting) is currently in force in the Construction industry but is to spreading to contractors in the courier and cleaning industries.

On 9 May 2017 the Government announced that from 1 July 2018 businesses that supply courier or cleaning services will need to report payments made to contractors if the payments are for courier or cleaning services.

Businesses supplying courier or cleaning services need to review their payments made to contractors for these services from 1 July 2018 and complete and lodge a Taxable payments annual report by 28 August 2019 for the 2018–19 income year;

  • those businesses that recorded their payments and lodge their annual report in accordance with the changes do not need to do anything more
  • those businesses that did not record their payments to contractors will need to review their records and compile a summary of all payments made after 1 July 2018 and the required details for each payment.

Businesses supplying courier or cleaning services are not required to lodge a Taxable payments annual report for an income year if payments they receive for courier or cleaning services make up less than 10% of their GST turnover for that year.

The first annual report for these businesses is due by 28 August 2019.

If you are wanting some assistance in lodging your TPAR get in contact with us and we can provide you guidance in meeting these obligations.

Categories:
  Bookkeeping Tips, Business, cleaners, construction, courier, EOFY, Tax
this post was shared 0 times
 000