Those in the building and construction industry have been reporting contractor payment information to the ATO since 2012, with those in the cleaning and courier industries from 1 July 2018. However, in the May 2018 budget the government announced its plan to extend this reporting to three more industries from 1 July 2019, namely the road freight, IT and security, investigation or surveillance services industries.
The Bill has now been enacted so from 1 July 2019 focus should be on implementing good systems by businesses in these areas to capture the required info to be reported to the ATO at year end.
It is noted that the extension of the TPRS to these 3 new industries is budgeted to gain $545.8 million to the government coffers over the following 4 years.
If you are in one of these industries and wish to discuss the requirements of this reporting further, or perhaps needing software upgraded or installed that will capture the required info post 1 July 2019, please feel free to contact us.