Hey you! Yes, you in the building industry, still manually preparing your contractor payments reporting for the ATO.
Don't worry, we're not here to tell you off—considering you're one of the ma...
Updated 12 years ago
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Had a visit from the ATO at my medium size construction industry client regarding the TPAR form I lodged electronically from MYOB. The ATO staff member advised that the supplier's legal name needed to be used as it appears on the ABR NOT the trading name, which will definitely be an issue for this particular client who has a very long list of sub-contractors.
Before 30th June 2014, I am hoping to see an update which will allow us to record both the Legal name of the entity and trading name separately and be able to indicate that the Legal name needs to appear on the the TPAR report. The ATO rep said that they are encouraging people to use a spreadsheet to keep track of taxable payments, which I indicated was not an option that I wanted to pursue. We have sophisticated software to meet the needs of our clients which I intend to fully utilise, rather than resorting to any form of manual or semi-manual reporting. Unless some changes to the software are made to accommodate this demand made by the ATO, I will need to update the supplier card for all subbies to show their legal name rather than their trading name before producing the electronic TPAR file and then restore the cards to their original state. Not fun!
Regards,
Leigh Head