Mannion's Blog

New Taxable Payments Annual Report – Building and Construction Industry

Mannions Business Services - Thursday, June 20, 2013

All businesses in building and construction industry are now required to report the payments made to each contractor for building and constructions services each year, effective from 1 July 2012. The first annual report is due 21 July 2013 for the payments made from 1 July 2012 to 30 June 2013, unpaid invoices at 30 June 2013 are not required to be included. In this first year, if you lodge your activity statements quarterly, you can lodge the report by 28 July 2013. The payments to be reported are those for building and constructions services, you are not required to report on payments if the invoices are for materials only. So, it’s time to get ready for the preparation and lodgement of your ‘Taxable Payments Annual Report’.   more here...

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