Taxable Payments Annual Report (TPAR)

Businesses in the building and construction trades are obligated to report on the total payments they have made each year to each contractor that has worked with them.

These payments are reported in the Taxable Payments Annual Report, commonly referred to as TPAR. It may be that, in order to make this reporting process easier to complete, your trade business accounting system may need a fine tune.

The way you record your contractor payments may need to be set up in a more efficient way. As with most ATO reporting requirements, it is important that the TPAR is lodged by the specified date as requested by the Australian Taxation Office. Specific information about your business is required on this form.

It can be difficult to keep up with all the subbies and contractors you use over the course of a year, especially if this information is not being processed through a well considered, well set up accounting system. Trying to compile information from various data sources could result in your reporting being incorrect.

Tradie Bookkeeping Specialists are well versed in setting up new and mismanaged accounting software systems.

Some basic points to avoid are:

Don’t include any contractors who did work for and with you that was not building and construction. If there are concerns about a particular contractor’s details, Tradie Bookkeeping Services can check their ABN details to see if they are registered for GST.