It’s not too late to lodge a Taxable Payments Annual Report (TPAR) and avoid penalty, the Australian Taxation Office (ATO) is reminding NatRoad members. You have until 28 August 2022 to lodge your annual report for the period ended 30 June 2022.
The ATO tells NatRoad that compared to this time last year, the ATO has seen an increase of around 1200 TPARs and Non-Lodgement Advices lodged by the Road Freight Industry. The ATO has told us that there has been an additional $1.5b of reported payments to contractors. This is an additional amount reported compared with last financial year. The ATO has also seen continued improvement in the compliance of contractors reported in TPAR over the last 12 months.
You must lodge a TPAR if:
- your business provides road freight services to other people or businesses
- you paid contractors or subcontractors to provide these road freight services on behalf of your business and
- you have an Australian business number (ABN).
Payments made to employees are not reported in your TPAR.
The ATO says more businesses than at this time last year have lodged a TPAR or have informed it that they don’t need to lodge. Either a TPAR or non-lodgement advice should be submitted by 28 August each year.
It’s easy to do using business accounting software, via ATO online services for business, or by using the myGov account linked to the ATO (for individuals and sole traders only). If you need help finding out if you have to lodge, speak to your registered tax professional or click here