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ARTICLE · 09 FEBRUARY 2012

Building and Construction Alert: 8 February 2012

HopgoodGanim
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Draft regulations require businesses in the building and construction industry to report payments made to contractors.

AustraliaReal Estate and Construction
Luke Mountford
Luke Mountford
Justin Byrne
Justin Byrne
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Building and construction companies to report payments made to contractors

Late last year, the Treasury released draft regulations whereby businesses in the building and construction industry will need to annually report payments made to contractors. The regulations apply to a wide range of building and construction services, including building alterations and demolitions.

Here, Taxation and Revenue special counsel Justin Byrne outlines what building and construction companies need to know about the draft regulations.

Key points

  • The Treasury's draft regulations require businesses operating primarily within the building and construction industry to report any payments they make to contractors to the ATO on an annual basis.

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