Patane Accounting Pty Ltd is a CPA Practice

P. (08) 9721 1055 | F. (08) 9721 1033 | | 31 Victoria Street BUNBURY WA 6230

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Useful and timely information

Taxable payments reporting – building and construction industry

If you run a business in the building and construction industry that pays contractors for building and construction services, you need to report the total payments you make to each contractor for building and construction services each year.

In summary, you need to report if all of the following apply – you:

  • are a business that is in the building and construction industry
  • make payments to contractors for building and construction services
  • have an Australian business number (ABN).

Using the information from the invoices you receive from your contractors, you then need to report the following information:

  • their Australian business number (ABN)
  • their name
  • their address
  • the gross amount you paid them for the financial year (this is the total amount paid including GST)
  • the total GST included in the gross amount you paid.

You need to report the total payments you make to each contractor for building and construction services that are performed on, or in relation to, any part of a building, structure, works, surface or sub-surface. Note you do not need to report payments where the:

  • payments is for materials only
  • any invoices that you have received but have not paid as at 30 June each year
  • payments which must be reported in a Pay as you go (PAYG) withholding payment summary annual report, such as payments to employees
  • payments for private and domestic projects – for example, payments you make for building or renovating your own home.

The Taxable payments annual report is due by 28 August each year and you can lodge your Taxable payments annual report online or on paper. You can obtain taxable payments annual report forms from our office or the ATO and if you require any further information please contact our office on 97211 055.

 

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