ATO Reviewing Taxable Payments Annual Reports

The ATO has advised that it is contacting businesses in the building and construction industry about information provided on their Taxable payments annual report, where the businesses have:

•    provided a report with missing or invalid ABNs;
•   included amounts paid for GST when the contractor isn’t registered for GST;
•   not lodged a report; or advised the ATO they are not required to report, when the ATO’s records indicate they should.

The ATO will explain what their review has found and suggest ways to make it easier to complete accurate reports in the future, such as using the ABN Lookup tool or ATO app to check a contractor’s ABN or if they are registered for GST.

Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.