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For the last couple of years, those in the building and construction industry have had to lodge a Taxable Payments Annual Report which provided information on payments made to contractors. From 1 July 2018, this program will be extended to now include couriers and cleaning services. This is all part of the Black Economy Taskforce which aims to target people who engage in tax evasion or deliberately underreport their income. If you think you might be captured by this new legislation and would like assistance in preparing this report, please contact your accountant. And be warned, the ATO is issuing hefty fines for those who don’t lodge their report on time. Click here for further information.

General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.