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Important ATO Lodgement Reminders

July 10, 2018

 

Business owners are reminded of the below key lodgement dates for employees and subcontractors:

 

Issue of Employee PAYG Payment Summaries - 14 July 2018

Lodgement of PAYG Payment Summary Annual Report - 14 August 2018

Taxable Payment Annual Report (TPARs) - 28 August 2018

 

Issue of Employee PAYG Payment Summaries - 14 July 2018

 

Under pay as you go (PAYG) withholding, you must issue each of your employees, workers and other payees a payment summary showing the payments you have made to them and the amounts you withheld from those payments during a financial year.

 

It is important you provide payment summaries to all your employees even if you were not required to withhold any tax.

 

You can provide payment summaries:

  • electronically,

  • on paper, order forms any time using our online ordering service.

 

You need to provide your payee with an amended payment summary if any of the following are incorrect on the payment summary you issued:

  • the payment amount

  • the tax withheld amount

  • the payment codes

  • the tax file number

 

Lodgement of PAYG Payment Summary Annual Report - 14 August 2018

 

Payment summary annual reports can be lodged with the ATO electronically using your accounting software, electronically through the ATO portal platforms or by using ATO issued paper forms.

 

Taxable Payment Annual Report (TPARs) - 28 August 2018

 

Who needs to lodge:
Businesses in the building and construction industry are required to report to the ATO total payments made to each contractor, for building and construction services each year.

 

The ATO requires this information for:

  • Data-matching purposes to ensure contractors comply with their obligations

  • To make it easier for individual contractors to lodge their income tax returns with pre-filled information

 

The TPARs for the 2018 financial year must be lodged by 28 August 2018. Penalties of up to $1,050 for each overdue report and accrued interest may apply for late lodgement.

 

How to lodge
You can lodge your TPAR by one of the following methods:

  • Online using the Business Portal or through a registered BAS or Tax Agent, or

  • By completing the paper form Taxable payment annual report (NAT 74109) and mailing to the ATO.

 

If you use Xero or MYOB, you should be able to streamline the process of preparing your TPAR by utilising your accounting software to export the data.

 

Non lodgement
If you believe you are not required to lodge a TPAR please contact our office before the due date so we can notify the ATO accordingly.

 

If you require any assistance with preparation or lodgement of the above forms, please contact our office on (07) 3446 5906.

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