New reporting for businesses in the Building & Construction industry!
From 1st July 2012 businesses in the above industry will need to report the total payments they make to each contractor for any building and construction services.
Who needs to report?
You will need to report if:
For each contractor you make payments to you need to report:
What type of payments need to be reported?
It is really important that you keep good records to enable easy identification of contractor payments and the details required to complete the annual report.
Our understanding is that accounting software packages such as Quickbooks & MYOB will be upgraded to assist in the facilitation of the new requirements. The annual report for 2012/13 will need to be lodged by 21 July 2013, or 28 July 2013 if you lodge quarterly BAS Statements.
If you need help with deciding if the above new changes affect you, or help with your record keeping to prepare for the changes please contact us in the office at anytime.
Email questions to : firstname.lastname@example.org
Or phone the office on 08 8537 8188.
The attached link gives you a comprehensive rundown of the new reporting system: