The ATO has released a fact sheet on taxable payments reporting for the building and construction industry for businesses subject to the reporting regime commencing from 1 July 2012.
Businesses do not need to report payments regarding:
* payments for materials
* unpaid invoices as at 30 June each year
* payments required to be reported in pay-as-you-go withholding payment summary annual report
* payments made by home owners for private and domestic projects
For the 2012–13 year, businesses who lodge quarterly activity statements may lodge by 28 July 2013, as it is the first year of the regime.
* Taxable payments reporting – building and construction industry webinars
* Key superannuation rates and thresholds – updated for 2012–13