Bricklayers should be aware of their tax obligations when preparing this year’s tax return for the year ending June 30, 2013.
1. Following are three key areas that contractors, sub-contractors and employers need to ensure they comply with to stay on the right side of the Australian Taxation Office (ATO):
•Taxable Payments Reporting
•Employees v Contractors
2. For businesses operating primarily in the Building and Construction Industry, payments made to Contractors must now be reported to the ATO. The ‘Taxable Payment Annual Report’ for the year ending 30 June 2013 is due on 21 July 2013.
We urge you to contact your accountant for advice and guidance on complying with these new ATO requirements and review the ATO Requirements Overview.
ABBTF General Manager
7 June 2013