Category Archives: Uncategorized

 

Taxable payments annual report (TPAR)

 

Does your business operate in cleaning, courier or building industry? As of 1 July 2018, you’ll need to record payments to cleaning or courier contractors or subcontractors, and lodge a Taxable payments annual report (TPAR) each year with ATO on an annual basis.

 

You may need to lodge a Taxable payments annual report (TPAR) by 28 August each year if you are a business providing:

 

    • Building and construction services – Compliance requirement already in place. Reports are due by 28th August each year.
    • Cleaning services – for contractor payments from 1 July 2018 (first report due by 28 August 2019)
    • Courier services – for contractor payments from 1 July 2018 (first report due by 28 August 2019)

 

The TPAR tells ATO about payments that are made to contractors for providing services.

 

Contractors can include subcontractors, consultants and independent contractors. They can be operating as sole traders (individuals), companies, partnerships or trusts.

 

The details you need to report about each contractor are generally found on the invoice you should have received from them. This includes:

 

  • their Australian business number (ABN), where known
  • their name and address
  • Gross amount you paid to them for the financial year (including any GST).

 

ATO will use this information to identify contractors who haven’t met their tax obligations.

 

For further assistance contact Expert Tax on 0449 952 855 or 1300 8 MY TAX (1300 869 829)

 

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TAX TIME MYTHS DEBUNKED

 

  • I plan to use an agent this year so the deadline doesn’t matter: If you used a registered agent, you need to be on their books by 31 October, regardless of the deadline. If you register with an agent after the 31 October deadline, your lodgement will still be considered overdue and penalties may apply.

 

  • I didn’t earn any money through my business this year, so I don’t need to declare: Even if you had a nil or negative income from your business, you’re still required to declare this to the ATO.

 

  • I’m on Centrelink benefits so I don’t have to lodge a return: If you’re a Centrelink beneficiary, you are still required to lodge tax return for the purpose of calculating your Centrelink benefits.

 

  • I earned less than the tax-free threshold of $18,200, therefore I don’t need to lodge a tax return: A lot of taxpayers get confused between paying no tax and actually doing their tax return. If you earn under $18,200 and didn’t pay any tax during the year, you can still declare your income to the ATO. This is done through a non-lodgement advice form and lets ATO know that you don’t need to lodge a return. If you earned under $18,200 and you DID pay tax (even if it was only $1), then you’re required to lodge a return even if you don’t want your excess tax payment refunded.

 

  • I’m retired and not required to lodge anymore: Regardless of your age and working status, you have to lodge if you have received taxable income over the threshold.

 

Contact Expert Tax on 0404 667 909 or 1300 8 MY TAX (1300 869 829) for further assistance.

 

Like and follow our Facebook page for regular tips, updates and reminders.

 

 

 

 

 

 

September 2018 Quarter BAS Reminder

 

Attention – Uber & Taxi Drivers and Business Owners registered for GST

 

It is BAS time!

 

September 2018 Business Activity Statement (BAS) is due by 29th October 2018.

 

The September 2018 quarter BAS covers the months of July, August and September 2018.

 

Please note failure to lodge on time penalty may apply if BAS returns are not lodged by the due date.

 

Call us on 0449 952 855 or 1300 8 MY TAX (1300 869 829) to book an appointment for lodgment of your BAS Return.

 

You can also get in touch with us by sending your query via our website – www.expert-tax.com.au or email us at info@expert-tax.com.au to book an appointment.

 

 

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