Do you need to lodge for TPRS?

The ATO has confirmed that more than 60,000 businesses have not yet complied with the lodgement of the TPRS (Taxable Payments Reporting System).  The following industries need to lodge the TPRS that pay contractors:

• Building and Construction
• Road Freight
• Information Technology
• Investigation or Surveillance Services
• Cleaning 
• Courier Services

Most online software can facilitate the electronic lodgement of this report.  As long as you have the Contractors name, ABN and address the report will be quick and easy to compile. These business categories need to lodge (if they haven’t already done so) for the 2019/2020 Financial Year to avoid penalties.  They were due on the 28th August 2020.