If you answered yes to both there is a new reporting obligation effective from the 1st of July 2012.
The requirement is for annual reporting of detailed information for each contractor as follows:
- Contractors’ details (name, address, ABN and contact details)
- Total gross payments detailing
- Total GST included
- Tax withheld (where ABN not quoted)
Reporting in the approved format is required by 21st of July to the Australian Taxation office with transitional rules in place in the 2013 year.
Further information can also be sought from the Australian Taxation Office website.
To further understand the new reporting please make an appointment at your nearest Sinclair Wilson office.