The ATO is reminding businesses to lodge their tax payable payment annual report by 28 August after issuing around $9 million in penalties in the five years to 2023.
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The Tax Office is urging businesses required to lodge a taxable payments annual report (TPAR) to do so by 28 August 2024.
Businesses may be required to lodge a TPAR if they pay contractors for certain services including building and construction; cleaning; courier and road freight; information technology (IT); or security, investigation, or surveillance.
It also applies to government entities that pay grants to people or organisations with an Australian Business Number (ABN).
The ATO warned businesses that it is an annual requirement to lodge a TPAR and that penalties may apply for failing to lodge one.
ATO Assistant Commissioner Tony Goding said the taxable payments reporting system (TPRS) ensures contractors providing certain services report all their income.
“This helps keep a level playing field by making sure all businesses pay their fair share of tax,” said Goding.
“TPAR data strengthens our ability to detect and deal with dishonest operators trying to gain an unfair advantage over the majority who do the right thing. It also protects billions of dollars in missing taxes each year, money that funds essential community services, like health, education and natural disaster management.”
In the 2023–24 financial year, Goding said the ATO provided visibility of more than $451 billion in gross TPAR payments from almost 177,000 businesses to almost 1.3 million contractors.
“In doing so, we have helped contractors complete their income tax returns through the pre-fill and transaction services report,” he said.
The ATO said that from 2019 to 2023, it has issued approximately $9 million in penalties to over 5,200 businesses not lodging their TPAR.
“Lodging online is quick and easy. If businesses are unsure if they need to lodge a TPAR, they can visit www.ato.gov.au/TPAR or ask their registered tax or BAS agent,” said Goding.
The ATO said tax or BAS agents can lodge a TPAR or NLA form for their clients using SBR-enabled software or through Online services for agents.
Miranda Brownlee 26 August 2024 accountantsdaily.com.au
Lawrence Poletto, Principal of Poletto accounting is a Fellow of CPA Australia, holds a Bachelor of Commerce (JCU) and has over twenty years’ experience in Commercial and Public Practice.
With this experience, Lawrence can assist with all accounting and taxation needs to help clients start and grow their business. Lawrence deals with clients from all walks of life, working with diverse client base across a wide range of Industries. He builds strong trusted relationships and support clients in their times of need.
Lawrence can assist with all Tax and Accounting for small to medium business including assistance and guidance with setups, ongoing support including cloud-based accounting, budgeting, performance monitoring, support for loan applications and more.
Lawrence enjoys working with business owners who are seeking taxation, accounting, or business advice from a trusted professional. The more certainty he can provide his clients, the more they can focus on their business. Clients appreciate Lawrence’s professional and approachable manner.
At Poletto Accounting you will be one of only a limited group of equally important business clients and will always receive prompt, personal service.
We believe in Fixed price packages with easy payment option’s so you know exactly what you’ll be paying.
Contact Poletto Accounting to get a complimentary tax review, to see how we can help you and to get a second opinion on where you are with your business and taxes.
Business Tax
Poletto Accounting provides a full range of business accounting services for small to medium-sized businesses. We work collaboratively with business owners to meet your reporting requirements and regulatory payments and to help you achieve your financial and business goals.
We can assist through:
Income Tax Planning & Strategies
Preparation of all Business Income Tax Returns and associate Reporting
Goods & Services Tax (GST) review
BAS compilation and lodgement
Small business concessions calculations and advice
Liaising and negotiating with the Australian Taxation Office (ATO)
Assistance in formation and set-up of companies, trusts and partnerships
We can assist in setting up your new business, provide business advice and planning to give your Business its best chance of success. We can guide you on the following:
Decide on the most suitable structure for your business – sole trader, partnership, trust or company
Prepare a business plan, cashflow projections, budgets, and trading forecasts
We take care of all your legally required registrations such as registering a business name and applying for an Australian Business Number and Tax File Number. You may also need to register for GST and PAYG withholding, workers compensation and more and we’ll let you know if these apply to you
Complete registration procedures with Australian Securities and Investments Commission
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We offer Fast and easy setup for your new business.
Need help with your cloud accounting and Bookkeeping system? Not sure which program is best for your business? We can assist with all your cloud accounting needs, whether its Xero or other software.
Poletto Accounting is a Certified Xero Silver partner and can assist with:
Assistance with Cloud Software selection and implementation
Set-up and installation of XERO, MYOB, Quickbooks and other Accounting Packages
We can assist with recommending Bookkeeping Services that will suit your business
We also can work with your existing bookkeeper to ensure the most efficient and effective recording of your data and will improve the efficiency of the year-end compliance process
We can help give back time and resources you need to focus on growing and developing your business.
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Poletto Accounting is committed to providing quality services to you and this policy outlines our ongoing obligations to you in respect of how we manage your Personal Information.
We have adopted the Australian Privacy Principles (APPs) contained in the Privacy Act 1988 (Cth) (the Privacy Act). The NPPs govern the way in which we collect, use, disclose, store, secure and dispose of your Personal Information.
A copy of the Australian Privacy Principles may be obtained from the website of The Office of the Australian Information Commissioner at https://www.oaic.gov.au/.
What is Personal Information and why do we collect it?
Personal Information is information or an opinion that identifies an individual. Examples of Personal Information we collect includes names, addresses, email addresses, phone and facsimile numbers.
This Personal Information is obtained in many ways including correspondence, by telephone and facsimile, by email, via our website www.polettoaccounting.com.au, from your website, from media and publications, from other publicly available sources, from cookies and from third parties. We don't guarantee website links or policy of authorised third parties.
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Sensitive information is defined in the Privacy Act to include information or opinion about such things as an individual's racial or ethnic origin, political opinions, membership of a political association, religious or philosophical beliefs, membership of a trade union or other professional body, criminal record or health information.
Sensitive information will be used by us only:
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Where reasonable and practicable to do so, we will collect your Personal Information only from you. However, in some circumstances we may be provided with information by third parties. In such a case we will take reasonable steps to ensure that you are made aware of the information provided to us by the third party.
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Your Personal Information may be disclosed in a number of circumstances including the following:
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Your Personal Information is stored in a manner that reasonably protects it from misuse and loss and from unauthorized access, modification or disclosure.
When your Personal Information is no longer needed for the purpose for which it was obtained, we will take reasonable steps to destroy or permanently de-identify your Personal Information. However, most of the Personal Information is or will be stored in client files which will be kept by us for a minimum of 7 years.
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You may access the Personal Information we hold about you and to update and/or correct it, subject to certain exceptions. If you wish to access your Personal Information, please contact us in writing.
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