TPAR and the Black Economy
On September 13th, APSCo Australia shared an update from ATO Assistant Commissioner, Peter Holt, regarding the Taxable Payments Reporting System (TPRS) that took effect on July 1st 2019.
The important message for APSCo Australia Members in the IT specialism is that a Taxable Payment Annual Report (TPAR) for the period July 2019 to June 2020 will be required to be submitted next year and applies to businesses providing IT services that:
- have an Australian business number (ABN), and
- make payments to contractors for IT services they provide on the business’s behalf.
In addition to businesses providing IT services, the TPRS also applies to:
- Building and construction industry (from 1 July 2012)
- Businesses providing cleaning and courier services (from 1 July 2018)
- Businesses providing road freight, security, surveillance and investigation services (from 1 July 2019).
If a business provides a range of services (the ATO refers to these as ‘mixed services’), including IT services, the business may need to lodge a TPAR if the payments they received for these services make up 10 per cent or more of the business’s total GST turnover.
Are you confused yet?
ATO Director, Marcus Chew, joins Julie Mills on Across the MD's Desk to help Members to understand TPAR obligations, how they relate to the Black Economy and where to go for help.
Register now to get an advantage in remaining compliant and ensuring your business is not caught offguard in the 2020 tax season.
Subject Matter Presenters:
Marcus Chew, Director, Australian Taxation Office (ATO)
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About Across the MD's Desk
APSCo Australia’s Across the MD’s Desk webinars are FREE to individuals registered by their companies as participants for APSCo programs, as well as for Certified Recruitment Professionals and those undertaking study for the exam.
The live to air sessions address timely issues and general topics of interest.
Topics are driven by Member questions to the APSCo Assists Advice Line, decisions by courts and regulators, by Certification exam results and the Talent Engagement Standard audit program.