In the Building and Construction Industry?
If your business pays contractors for building and construction services, you need to report these payments to the ATO on a Taxable payments annual report.
This annual report is due 28th August 2015. If you lodge your activity statements quarterly, you can lodge the annual report by 28th August 2015.
For more details visit www.ato.gov.au/taxablepaymentsreporting. Check with your accountant or tax agent who has the benefit of an extended time to lodge on your behalf.
Are you a contractor or an employee? The ATO is taking a close look at the difference and advising people of the implications of getting it wrong. Say you are a Self Employed Carpenter and you have subbies working with you. If they are just turning up to the job that you request them to go to and earn most of their income from you, changes are the ATO will expect you to treat them as an employee rather than a sub-contractor. What does that mean, well an employee should be covered for work cover, superannuation and probably entitled to 10 days sick leave and 20 days of annual leave, all paid by you. Not sure-check with your accountant or tax agent. The ATO also has a subcontractor tool which can be of assistance.