Taxable payments reporting
The Australian Taxation Office (ATO) has published new tax reporting regulations for the building and construction industry. From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.
This reporting system provides a compliance tool that will be used by the ATO in its audit procedures.
To assist members in complying with the new system, Master Builders has prepared a simple bookkeeping example that demonstrates how to record your supplier details and payments and correctly fill in the ATO report.
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