The ATO has released the taxable payments reporting – building and construction industry factsheet for businesses in the building and construction industry subject to the reporting regime commencing from 1 July 2012. It says the businesses do not need to report payments in relation to the following:
- payments for materials only;
- any unpaid invoices as at 30 June each year;
- payments which are required to be reported in a Pay as you go (PAYG) withholding payment summary annual report (ie payments to employees); and
- payments made by home owners for private and domestic projects.
The ATO says the taxable payment annual report is due on 21 July each year and can be lodged in paper form or online. For the 2012-13 year, the ATO says businesses who lodge quarterly activity statements may lodge by 28 July 2013 as it is the first year of the regime.
[LTN 96, 21/5]