You may need to lodge a Taxable payments annual report by 28 August each year if you are a:
- business in the building and construction industry
- government entity.
The Taxable payments annual report tells us about payments you have made to contractors for providing services. Some government entities also need to report the grants they have paid and payments they make to certain other entities.
Contractors can include subcontractors, consultants and independent contractors. They can be operating as sole traders (individuals), companies, partnerships or trusts.
The details you need to report about each contractor are generally found on the invoice you should have received from them. This includes:
- their Australian business number (ABN), where known
- their name and address
- gross amount you paid to them for the financial year (including any GST).
We use this information to identify contractors who haven’t met their tax obligations.