IMPORTANT INFORMATION FOR CONTRACTORS IN THE BUILDING AND CONSTRUCTION INDUSTRY
13 Feb 2013
Do you work as a contractor in building and construction? New reporting requirements may affect you.
From 1 July 2012, if you are a contractor in the building and construction industry, businesses in this industry will have to report to the ATO the total amount they have paid you each year for building and construction services.
The ATO will compare this information with the income you have included in your tax return.
Make sure you:
- lodge your 2012-13 tax return by the due date and include all your income
- lodge any prior years’ tax returns as soon as possible
- consider making a voluntary disclosure if you think you have made a mistake in a previously lodged tax return. Where you voluntarily advise the ATO of any errors or omissions, any penalties that apply may be reduced.
If your tax obligations are not up to date or you choose to do nothing, you could be subject to a review or audit and may face penalties.
You can find out more at http://ato.gov.au/taxablepaymentsreporting
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