The Australian Taxation Office (ATO) has warned that businesses failing to submit their Taxable Payments Annual Report (TPAR) by the due date will face penalties.
The TPAR, which must be lodged by 28 August every year, details payments made to contractors who provide the following services:
* Building and construction
* Courier
* Cleaning
* Information technology (IT)
* Road freight
* Security, investigation or surveillance
This report helps the ATO cross-check contractors' reported income against the payments declared by businesses.
Starting from 22 March, the ATO will apply penalties to businesses that:
* Haven’t lodged their TPAR from 2023 or previous years
* Have received 3 reminder letters about their overdue TPAR
Last year, the ATO issued $18 million in penalties to over 11,000 businesses for non-compliance.
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