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ARTICLE · 08 JULY 2012

New ATO reporting requirement for building and construction businesses

Colin Biggers & Paisley
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Businesses should ensure that all information required to be reported about amounts paid to contractors is recorded.

AustraliaReal Estate and Construction
Charles Brannen
Charles Brannen

In brief - Changes came into effect on 1 July 2012

On 1 July 2012 a new Australian Taxation Office (ATO) reporting requirement came into effect for businesses which are primarily in the building and construction industry.

Payments to contractors to be reported for data matching by ATO

Businesses which are primarily in the building and construction industry will now be required to report, on an annual basis, information about payments made to contractors for building and construction services. The first annual report is due in July 2013.

It is understood that the annual reports will be used by the ATO for data matching purposes as a means of ensuring that all income is reported by contractors.

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