Building & Construction Industry: Taxable Payments Report due 28 August

Brisbane Business Accountant - Construction site at sunset

If you’re in the building and construction industry and pay certain subcontractors for building and construction services, you’ll need to submit an annual taxable payments report.

If your business meets the criteria, you’ll need to lodge your report with the ATO by 28 August each year.

Why do I need to submit this report?

The idea behind this is to improve data matching. The ATO wants to ensure all building and construction businesses are reporting the right amount of income and paying the right amount of tax.

What information do I need to submit?

For each subcontractor, you’ll need to supply:

  • Subcontractor details (ABN, Name, Address)
  • The gross amount paid
  • The GST amount paid (if any).

If you need to lodge then you can do so electronically, or on the appropriate ATO paper form. You can read more information on the ATO site.

Using Xero to process the report and lodge electronically

Xero offers some nice options for streamlining the process of both preparing and lodging the taxable payments annual report.

If you don’t have the time – or inclination – to work through this yourself, the great news is that we love this kind of thing!

Please don’t hesitate to give us a call on 07 3822 7201 and we’ll be happy to help.