Taxable Payment Summary
Businesses may need to lodge a Taxable Payment Summary Annual report each year by 28 August if they are:
- A business in the building and construction industry
- Government Entity
Throughout the year, Bizgro ensures its clients collect the relevant information regarding their contractors to ensure they meet their Taxable Payment Summary obligations. After 30 June, Bizgro then generates the Taxable Payment Summary report and lodges it electronically with the Australian Taxation Office.
The information that is recorded against the contractors for clients that are in the building and construction industry include:
- Their ABN
- Their Name and Address
The Australian Taxation office has implemented this system to reduce the businesses who may be in the cash economy.
From 1/7/18, the reporting system (TPRS) will expand to the cleaning and courier industries.