Paid Contractors? Don’t Forget Your TPAR
With all the changes due to COVID-19, you may have contracted out more services in the past year. This could mean you need to lodge a Taxable payments annual report (TPAR) for the first time. TPARs are due on 28 August each year.
You may need to lodge a TPAR if your business pays contractors or subcontractors for the following services:
- building and construction
- cleaning
- courier services
- road freight
- information technology
- investigation, security or surveillance.
If you need to lodge a TPAR but missed the due date, lodge it now. You can lodge online.
If you lodged your TPAR but made a mistake, you can amend it. See our website for information on how to amend a lodged TPAR.
Keeping good records makes it easier for you to prepare your TPAR. You’ll find the details you need on contractor invoices. Remember to include details of cash payments to contractors on your TPAR.
Remember, registered tax agents can help you with your tax.
Source: ATO
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