Penalties soon to apply for overdue TPARs
Important Notice: Lodging Taxable Payments Annual Report (TPAR) with ATO Avoid Penalties and Stay Compliant by Meeting TPAR Deadlines and Requirements Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year. From 22 March, the ATO will apply penalties to businesses that: […]
Changes to deductions this tax time
Changes to deductions this tax time Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following. Cents-per-kilometre method – The cents-per-kilometre method for claiming car expenses increased from 72 cents to 78 […]
Penalties for overdue TPAR
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR. Affected industries where taxpayers may have an obligation to lodge a TPAR are: Cleaning services Building and construction services Road […]
2022/23 Federal Budget
Federal Budget Highlights In this summary: Personal income tax changes (please scroll down) Changes affecting business taxpayers Other Budget announcements 1. Personal income tax changes 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be […]
Taxable Payments Annual Reporting
Taxable Payments Annual Reports (‘TPARs’) due 28 August 2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services: building and construction; cleaning; courier, delivery or road freight; information technology (‘IT’); or security, surveillance or investigation. With specific reference to the TPAR due on 28 August 2021, the […]
ATO’s taxable payments reporting system update
Taxable payments annual report (‘TPAR’) for the 2020 financial year The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgement requirements under the taxable payments reporting system (‘TPRS’) for 2019/20. The TPRS is a black economy measure designed to assist the ATO to identify contractors who don’t report or under-report […]
Taxable payments reporting system lodgements
ATO’s taxable payments reporting system helps businesses compete on the level The Australian Taxation Office (ATO) has confirmed more than 60,000 businesses haven’t yet complied with lodgement requirements under the Taxable payments reporting system (TPRS) for 2019-20. The TPRS is a black economy measure designed to assist the ATO to identify contractors who don’t report […]
Federal Election called
2019/20 Budget Update The Federal Election called for 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April until 18 May 2019 and dissolved the House of Representatives. The election will also be for half the Senate. As a result, all outstanding Bills have also lapsed (so any measures not yet passed […]
