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Business Tax Tip – TPAR – Taxable Payments Annual Report

images/Business Tax Tips.PNGIf you're a business that is primarily in the building and construction industry, you need to report payments you make to contractors, on the TPAR – Taxable Payments Annual Report, if both of the following apply:

  • you make payments to contractors for building and construction services
  • you have an Australian business number (ABN)

Contractors can be sole traders (individuals), companies, partnerships or trusts.

You need to report these payments to us on the Taxable payments annual report special form, and lodge by 28 August each year.

Activities and services that are considered to be building and construction are broad. Some examples include architectural work (including drafting and design), certification, decorating (including painting), engineering, landscaping and construction, project management and surveying.

Payments you need to report

Report only payments you make to contractors for building and constructions services.

Contractors can be sole traders (individuals), companies, partnerships or trusts.

If invoices you receive include both labour and materials, whether itemised or combined, you report the whole amount of the payment, unless the labour component is only incidental.

The definition of building and construction services is broad – it includes any of the activities listed below if they are performed on, or in relation to, any part of a building, structure, works, surface or sub-surface:

  • alteration
  • assembly
  • construction
  • demolition
  • design
  • destruction
  • dismantling
  • erection
  • excavation
  • finishing
  • improvement
  • installation
  • maintenance (excluding the maintenance, service or repairs of equipment and tools)
  • management of building and construction services
  • modification
  • organisation of building and construction services
  • removal
  • repair (excluding the service or repairs of equipment and tools)
  • site preparation

The ATO website tells us – (From Here)

You may need to lodge a Taxable payments annual report by 28 August each year if you are a:

  • business in the building and construction industry
  • government entity

The Taxable payments annual report tells us about payments you have made to contractors for providing services. Some government entities also need to report the grants they have paid and payments they make to certain other entities.

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)

We use this information to identify contractors who haven't met their tax obligations.

Find out about:

How to lodge your Taxable payments annual report.

The annual report is due by 28 August each year.

Lodging online.

You can lodge online through:

  • ATO portals - if you have business software that can generate the electronic taxable payments annual report, you can lodge online using the Business, Tax Agent or BAS Agent portals. To lodge via the portals your software must meet the electronic reporting specifications. The specifications contain a full list of data elements. You can find a copy of the specifications at https://softwaredevelopers.ato.gov.au/TPARspecification
  • Standard Business Reporting (SBR) - if you have SBR enabled software that has the reporting functionality, you can lodge directly from the software. If you’re unsure, check with your software provider.

Lodging on paper.

If you are unable to lodge online, you can order the Taxable payments annual report form (NAT 74109) online or by phoning our publications ordering service, and mail us the completed form. You can't make copies of this form – you must use original forms the ATO printed. A sample of the paper form and instructions are available on the ATO website .

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

You also get FREE 30 min to assist in setting up your company in the software,

and FREE ongoing email or phone support – no-one offers as much!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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MYOB Quickbooks Reckon Bookkeeping – New Tax Tables 2018-19

images/Bookkeeping.jpgParliament agreed to the Budget tax cuts last week, meaning new tax rates will apply from 1 July 2018 and will now affect most employees - not just those with student loans as previously expected. As a result, HELP/SSL/TSL and SFSS rates and thresholds cause every tax table to change - see the ATO website for more details.

images/Resident Tax Rate Table 18-19.JPG

 Table from ATO page HERE


Does your MYOB/Quickbooks software have out of date tax tables, or you know you need them by experience every year. (To find what you have, click Set Up then General Payroll Information. In about the middle is the table date at the start of that tax year it applies to).

Tax tables become out of date nearly each year as tax rates and/or Medicare and HECS thresholds can be changed by the Tax Office (ATO). MYOB only supply new tax tables via full software annual subscription. You can no-longer buy the  latest tax tables separately as many years ago. Users must upgrade to a new version or take out Cover under their support program to receive the latest tables or ‘pay2myob.bin’ file for earlier versions (MYOB) to keep payroll compliant. (If you want assistance to upgrade to the latest MYOB call Paul - 0407 361 596 or email us – This email address is being protected from spambots. You need JavaScript enabled to view it. ).

The special MYOB tax file (eg ‘pay2myob.bin’) has been specially formatted so that it disallows any manual edit. Additionally, each version is formatted specially, so you can’t use a tax file formatted for MYOB Version 19 with say Version 16. For the Mac version (AccountEdge®) the tax table file is called “MYOB Tax Tables” or in v9 to 9.6 has a “.tax” extension. Everything else though is the same and all the comments here apply equally to the Mac version.

Note third-party tax tables cannot be used in MYOB 2011 onwards – you MUST have subscription or upgrade. Contact the software supplier.

If you have older desktop versions, there is a Solution up to versions - MYOB v19.13 and Account Edge 15.5Third party updated tax tables available for under $100 provide a substitute, have been tested by ourselves and work with many prior versions. They are for those who want to continue to use their current versions of MYOB® without the need to upgrade. Note that there is nothing in your license agreement that prevents you using 3rd party tax tables.

Installation is simple. The tables are supplied with easy to follow video and instructions and instantly downloaded after secure credit card  payment in most instances, or will be emailed to you. You also receive a PDF copy of the applicable Aust Tax Office Weekly Tax Table for you to check the accuracy of the calculations. After-sales email support is available for any installation or setup issues you may encounter. If you would like Account Keeping Plus to install for you, we can do by remote desktop – Teamviewer (free software). For $50+GST. Call or email for instructions.

Note - NO changes are made to the software. The only changes made are to the tax rates in your company data file that the software calls upon to calculate PAYG Withholding in a pay, when processing payroll. The changes made are not permanent and can be reversed by reloading the tax tables from your current tax table file, simply moving a file in the software folder

These third-party tables are available, which Account Keeping Plus have tested in the software and tested against the ATO tables and work perfectly for us and our clients. To get more details and purchase for your MYOB CLICK HERE - small commission applies.

For the latest tax tables, to download the PDF and keep a copy, or use the Tax Withheld Calculator online all from here ATO Tax Tables – PDF’s

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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