Business Links Australia Pty. Ltd. is a CPA Practice
CPA Australia Logo
Liability limited by a scheme approved under Professional Standards Legislation
Hot Issues
spacer
Resources to help understand and implement Single Touch Payroll (STP)
spacer
Big fines, prison on the cards as new SG penalties introduced
spacer
Extra website resources and tools is one way we offer you and your family more.
spacer
FBT Exemption for Various Work Vehicles
spacer
Tax payable on expenditure recoupments
spacer
ATO identifies SMSF contravention red flags
spacer
Who wins dispute about taxable income?
spacer
Australia - facts & figures March 2019
spacer
Strategies to handle scam phone calls and problem e-mails.
spacer
Instant asset write-off threshold upped to $25k
spacer
Jail time for GST fraud
spacer
Correcting GST Errors
spacer
Fuel tax credit rates raised
spacer
ATO set to contact clients for overdue TPAR
spacer
Reminder on Victoria Property Duties
spacer
How Australia is performing.
spacer
Global outlook summary: Down but not out
spacer
Bookkeepers remind on incoming TPRS obligations
spacer
Golden Rules for Deductions
spacer
How's Australia going - vital statistics?
spacer
Tax, SMEs set to be ‘political football’ in 2019 as election nears
spacer
Cap lifted on popular financing option for clients
spacer
Expiry of 900,000 interest-only loans set for January
spacer
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
spacer
Tax Office sounds alarm on popular property strategy
Article archive
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Bookkeepers remind on incoming TPRS obligations

With the taxable payments reporting system now set to cover five different industries, in-house and external bookkeepers have been urged to start ensuring business clients start keeping records of contractor payments.

         

 

In October, the taxable payments reporting system (TPRS) was extended to the courier and cleaning industries, with a retrospective start date of 1 July 2018.

This was closely followed by an extension to the road freight, security, investigation, surveillance and information technology (IT) industries, with a start date of 1 July 2019.

The TPRS is a transparency measure that was first applied to the building and construction industry, recouping an extra $2.3 billion in its first year of operation in 2012.

In the latest ATO BAS Agent Association Group meeting, the key message was to ensure businesses started keeping records of their contractor payments now.

“If your clients provide cleaning or courier services, even if it’s only part of the services provided, they now need to lodge a taxable payments annual report each year to tell us about their payments to contractors and subcontractors that provide cleaning or courier services on their behalf,” the group minutes stated.

The group also noted that the new online taxable payments annual report form will provide further functionality expanding the service offering, for example the ability for tax and BAS agents to see client taxable payments annual report lodgment history.

“This form will be made available to inpiduals in business via MyTax initially, then progressively being made available in the Business Portal, Online Services for agents, and third party software,” it said.

 

Staff Reporter
19 December 2018
accountantsdaily.com.au