We, Chan & Naylor Business Accountants in Sydney, are now advising our clients involved in the cleaning and courier industries to prepare for their obligations for the proposed Taxable Payments Annual Reporting or TPAR.
The Treasury Laws Amendment Bill 2018 has been proposed to the Parliament in February to extend the TPAR system to cleaning and courier businesses following the extension for businesses in the building and construction industries.
If the bill is passed, the TPAR will be implemented on the 1st of July. The TPAR was first launched for the construction industry and because of its success in managing invalid ABNs and making sure contractors are fulfilling their obligations, the same results are hoped for cleaning, courier and other at-risk businesses. Problems around GST obligations, invalid ABNs and other considerations are expected to be solved because of the TPAR as well.
Chan & Naylor will set up the software to capture the required information for proper reporting for clients who have subcontractors in the cleaning and courier industries. It is a new concept but we will just assess our client base and decide which of our clients will be affected – such as those who have contractors in the cleaning and courier industries.
To know if you will be affected by the TPAR and whether or not you need to report, what payments need to be and need not be reported, contact Chan & Naylor Business Accountants
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