New ATO reporting requirements have been put in place regarding you and your contractors.

Effected businesses in the Building & Construction Industry are required to keep track of and
report the following details for each and every one of their contractors:

  • ABN
  • Name
  • Address
  • Gross amount paid (including GST)
  • Total GST paid

 

These reporting requirements have been put in place as of July 1 2012.

 

This requirement extends to all businesses in the Building & construction industries, The ATO have singled out over 70 different business types, so if you think this does not effect you, you may have to think again.

 

These industries include some of the following:

  • Bricklaying
  • Cabinet making
  • Earthworks
  • Engineering
  • Glass and glazing work
  • Irrigation system construction
  • Roofing and guttering
  • And many more - A full list is available at our resources page.

 

If you are concerned about exactly how you will have to report these payments, contact us at the office for more information.