ATO compliance: Taxable payments annual reports

The ATO has advised that it is phoning some businesses in the building and construction industry to:

•       test the levels of understanding of the new reporting requirements for businesses in that industry; and

•      help those businesses to comply with their taxable payments annual reporting obligations.

They have also been contacting them to:

•       ensure lodged reports are correct and complete;

•     follow up with businesses that have not yet lodged a report (where ATO records indicate they should have); and

•      follow up with businesses who have advised that they are not required to report (where ATO records indicate they have a reporting requirement).

Editor: If your business is contacted, let us know.