Update on contractor reporting requirements due 21 July

If your business is in the Building and Construction Industry, reporting contractor payments via your annual report to the ATO will be due for the first time on 21 July 2013. Are you ready?

By 21 July 2013 you will need to submit your Contractor Payment Report to the ATO if you hold an Australian business number (ABN), your primary business is in the Building and Construction Industry and you make payments to contractors for their building and construction services.

Ensure you have met your compliance obligations and understand who is and who is not deemed to be a contractor to your business. Should you require advice or clarification of any aspect of your obligations, contact a lawyer to seek assistance.