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Taxable Payments Annual Report

Taxable Payments Annual Report

28 June 2019


First the good news

Builders & tradies get a new set of tools! TPAR support is built into cloud accounting software like MYOB Essentials, Account Right and XERO so reporting to the ATO by the 28 August deadline is now easier than ever.

What we have been doing at BOSCO?

During the year you will have noticed that Bosco will ask you for all the annoying details for each of your subcontractor payments when we prepare your quarterly BAS. We are building up our knowledge of your subcontractor payments so each quarter our questions become less & less. The goal is to reach TPAR "D-Day" and submit the report to the ATO with the click of a cloud software button. For you this means no more trawling through twelve months of business records, hammering the buttons on the calculator and filling out endless forms to provide us with the information the ATO requires.

OK, sound too good to be true - what do I really have to do?

We know that when you pay your bills via internet banking there's not much space in the description field – you have to provide an invoice number the supplier identifies and a description you recognise. We simply ask that you always include a short subbies name or initials that is always consistent so we can match the payment for TPAR reporting. Then at the end of the year we have no TPAR questions to ask and everyone is happy!

Will I be charged extra fees?

No - if you use cloud accounting software and have put a little thought into your subbies payment description via your internet banking or provided us with your subcontractor's details along the way, we can painlessly lodge your TPAR by the due date. 

EASY. AS. THAT.

And now the bad news

Don't mess with the ATO, skip the TPAR at your peril. While the ATO seemed to give some grace when TPAR was first introduced it is now imposing substantial penalties for late and non lodgement.

Will I be charged extra fees?

Yes – if we prepare a manual TPAR or have to ask you for subcontractor information going back over the previous twelve months. Going back through twelve months of business records to calculate your TPAR takes a lot of time – your time and ours. The fee for this service starts at $165.

Financial reporting and compliance need not be a problem. Keeping your accounting software up to date, ensuring you maintain all necessary paperwork and reporting with Bosco throughout the year will ensure your regular ATO reporting and tax time is much less of a headache.


Categories: ato / business / tax
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