Did you know more than 60,000 businesses in Australia are yet to comply with their lodgement requirements under the Taxable Payments Reporting System (TPRS). The due date was last August 2020, so the ATO will be chasing those who haven’t lodged.
Are you one of those 60,000 businesses in Australia?
Did you know if you have yet lodged, that you may incur penalties from the ATO. This is when contractors who have don’t report or under-report their income, it’s dangerous to do this and you will be caught.
In fairness, some businesses do not realise they need to lodge a taxable payments annual report (TPAR), but may be required, depending on the percentage of payments received for courier services or deliveries.
Businesses for example ie Restaurants, Cafes, Pharmacies, Grocery Stores and retailers have started paying contractors to deliver their goods to customers, especially since COVID. These businesses previously may not have needed to lodge a TPAR, but if the total payments received for deliveries or courier services are 10% or more of the total annual business income, then they will need to lodge.
Do you fit in this criteria?
It is what the ATO describe as the Black Economy. This is costing the community as much as $50 billion dollars. Other areas that pay contractors are those that provide road freight, information technology, security, investigation or surveillance services. If you do fit in these areas then you need to lodge a TPAR with the ATO.
If you are confused and think maybe I need help, then give Maree a call direct on 0429 363 047 today.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
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