Prepare now for your taxable payments annual report (TPAR) lodgement. Whether you lodge your own report directly with the ATO or if you use our lodgement services, this form is due by the 28th August.
There are a number of supplier details required in the TPAR. If you have not kept up-to-date supplier records throughout the year, start updating your records now to ensure timely TPAR lodgement.
Things to review before finalising your TPAR:
- Make sure you are clear about which suppliers have to be reported on the TPAR and which (if any) can be excluded.
- Check that you have current details for relevant suppliers: ABN, business name and business address.
- Check your supplier reports for the gross amount paid in the financial year and the amount of GST included.
- If you are not already in the habit of checking the ABN and GST registration of all suppliers, now can be a good time to do some checking. Have your suppliers quoted the correct ABN and GST registration status on their invoices?
- Do you have tax invoices for all supplier business-related transactions?
Most accounting software programs allow for the easy setup and maintenance of TPAR relevant supplier groups, making the annual report preparation quick and easy. Talk to us about setting up taxable payments reporting in your software for the lodgement of your TPAR.