Taxable Payment Annual Report

This report was introduced to the building and construction industry in 2012. It was introduced to try to find out which contractors in the building and construction industry were not meeting their taxation compliance requirements. Through data matching this report is finding many small sole tradies who, in the past, have not reported their income correctly. Tradies need to be very aware that they need to be up to date with their book work and keep their records so that if they get a call from the ATO there are no issues, they can answer all questions. One way of staying stress free is getting a good bookkeeper who can do this for you.