On July 21, 2013, businesses in the building and construction industry will have to submit their first taxable payments annual report to the ATO.
The report outlines how much these businesses pay to contractors for building and construction services in the 2012-2013 financial year.
The ATO’s aim is to improve tax obligation compliance by contractors who aren’t currently doing the right thing. As with any new tax legislation, it’s important for businesses to check they’re keeping the correct records. If this [...]