ARTICLE · 08 OCTOBER 2018

ATO extends the Taxable Payment Reporting System

Colin Biggers & Paisley

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The ATO's Black Economy Taskforce has extended the TPRS to encourage businesses to keep sufficient business records.

AustraliaTax

In brief: The ATO's Black Economy Taskforce has extended the Taxable Payment Reporting System to encourage businesses to keep sufficient business records

The TPRS (Taxable Payment Reporting System) is a transparency/anti-evasion measure first applied to construction and building industry. It requires entities to report to the ATO payments they make to contractors. The ATO can then use data matching to determine if the contractors are declaring that income.

Pursuant to the 2017-18 Budget, the Government extended the operation of the TPRS to entities engaging in the courier and cleaning industries.

On 9 May 2018, the Government announced that from 1 July 2019, it would further extend the operation of the TPRS to entities engaging contractors in the supply of road freight, security, investigation, surveillance or IT services.

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