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
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Personal Accounting
Protecting and enhancing your wealth requires professional and comprehensive management of your personal tax position as well as any business and other entities you have.
A good personal tax strategy goes a long way to maximising the return you get from owning a private business, or earning a good salary, or being a high net worth individual. Even after a few years of work you may be starting to think about safeguarding your family’s future or simply seeking a new perspective and fresh advice.
Regardless of your stage in life we offer a comprehensive approach to planning that will help you take control of your future.
We can help you to:
Look to ensure you obtain the maximum return from your employment.
Plan effectively for your retirement and optimise the use of superannuation.
Develop a succession plan for the transition of your business or personal structures to the next generation.
Resolve queries or disputes with the Australian Taxation Office.
Prepare an effective estate plan that ensures the right assets end up in the right hands at the right time.
We will work with you to understand your life objectives and then develop a plan that is will help get you there. Contact us for further discussion or information.
Straight forward and stress-free accounting services are what businesses of all sizes need form their accountants and we believe we provide exactly that. By providing cutting edge accounting and taxation services, and using the right products for your record keeping, our team at Signorello Partners will work closely with you to ensur we understand your needs. Only in this way can we help you achieve your goals, help you manage your cash flow and help you meet your tax obligations.
While fiscal compliance is of the upmost importance, we also believe in offering professional management advice and support at all times. We are committed to offering the highest level of friendly and professional service and welcome the opportunity to work with you.
The areas we specialise in are as follows:
Accounting & Tax Consultancy Services
Personal & Business Tax Returns
Annual Reporting
Business and Tax Advisory
Business ‘start up’ advice
Prepare Business plans and financial budgets and review these regularly
Measure your performance against industry benchmarks
The implementation of effective tax strategies is an integral part of the financial planning process. Structuring the way in which you receive your salary, superannuation contributions, investments, risk and debt management can significantly minimise your tax implications and are an essential component of your wealth creation and retirement strategy.
At Signorello Partners, we want you to accomplish your financial objectives in the most tax-efficient manner as other aspects of your financial plan become easier to implement when your tax liability is minimised.
Our strategies are tested, proven and successful. We offer a broad range of taxation advisory services including:
Income Tax
Capital Gains Tax (CGT)
Superannuation & Transition To Retirement
Salary Packaging and Fringe Benefits Tax (FBT)
Land Tax and Stamp Duty
There are numerous tax effective financial planning strategies that may be appropriate for your circumstances and enhance your tax, retirement and wealth objectives. Contact our team to discuss the possibilities.
Setting up a Self-Managed Superannuation Fund is a major financial decision. We understand that you’re busy and that the SMSF rules are complicated. We will provide you with an end to end solution giving you access to all the support and expertise you need to ensure your SMSF is well managed and compliant.
A SMSF can have many advantages but, equally, you need to consider the reasons why a SMSF may not suit your needs. We can help you decide if this is the right option for you.
Advantages of a SMSF:
Having control of your retirement savings can lead to a deeper understanding of how your overall wealth is tracking, and gives you more confidence in your investment and lifestyle decisions.
You can have access to a broader range of investments. You can invest in the usual options such as shares, term deposits, managed funds and property but you can also hold alternative assets such as artwork, jewellery, antiques, and wine. There are though, very strict rules on holding the latter assets in your self-managed super fund.
You retain control while still being able to take advice from your advisors.
Beneficial tax planning strategies.
Greater flexibility for accessing Centrelink benefits such as the age pension.
But a SMSF is not for everyone:
If you have set up a self-managed super fund (SMSF), you are in charge and you make the investment decisions for the fund. You must also be aware that you are responsible for complying with superannuation and tax laws, maintaining records, providing financial statements, completing tax returns and organising an annual independent audit.
You also need time and expertise to run your SMSF.
Compliance is very important.
There can be up to 4 Trustees and their thoughts and ideas have to be included.
The ATO offers advice on the responsibilities of having a SMSF.
Signorello Partners offers advice on all SMSF services, including:
The setting up of a SMSF and all administration tasks such as preparation of your trust deed and the completion and lodgement of relevant ATO statements.
Superannuation consolidation.
Ensuring your SMSF is compliant with current superannuation laws and regulations
Advice on life and disability Insurance options.
If there is more than one member in your SMSF, we can offer advice on what will happen in the event of ill health, death, relationship breakdown, or waning interest.
Signorello Partners has the experience and understanding of the legal and regulatory framework that applies to business entities and we can help you understand the myriad compliance programs and regulated obligations that affect your business/company. We will make sure your business/company meets all its obligations to ASIC (Australian Securities & Investments Commission), the ATO (Australian Taxation Office) and the Revenue NSW. Compliance is of paramount importance but we also believe that management advice and support is a crucial aspect of corporate accounting.
We can assist with:
The formation of trusts and new company registrations
Preparation of annual company statements
Attending to ASIC returns and regular filings on your behalf
Any company changes or change of directors
Business name registrations and maintenance
Renewal of business name/s and other registrations
Preparing meeting minutes and drafting resolutions
Share allotments/transfers/buy-backs
Unit Trusts and allotment/transfer of units and change of Trustee
Family Trust set up and change of Trustees
Provision of registered office services for service of notices
Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.
Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.
Login to Secure File Transfer, or contact us if you require a username and password.
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The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on the website is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs.
Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice.
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Signorello Partners 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.signorellopartners.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.
We collect your Personal Information for the primary purpose of providing our services to you, providing information to our clients and marketing. We may also use your Personal Information for secondary purposes closely related to the primary purpose, in circumstances where you would reasonably expect such use or disclosure. You may unsubscribe from our mailing/marketing lists at any time by contacting us in writing.
When we collect Personal Information we will, where appropriate and where possible, explain to you why we are collecting the information and how we plan to use it.
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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:
For the primary purpose for which it was obtained
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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.
Signorello Partners will not charge any fee for your access request, but may charge an administrative fee for providing a copy of your Personal Information.
In order to protect your Personal Information we may require identification from you before releasing the requested information.
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It is an important to us that your Personal Information is up to date. We will take reasonable steps to make sure that your Personal Information is accurate, complete and up-to-date. If you find that the information we have is not up to date or is inaccurate, please advise us as soon as practicable so we can update our records and ensure we can continue to provide quality services to you.
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This Policy may change from time to time and is available on our website.
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