Whether it’s guiding small to medium enterprises through TPAR compliance, ensuring accurate financial reporting for family-owned businesses, or assisting established companies with seamless TPAR submission, TMS Financials consistently contributes to the success stories of our clients. As experts in navigating the requirements of the Taxable Payments Annual Report (TPAR) mandated by the Australian Taxation Office (ATO), we understand the complexities of reporting payments made to contractors in various sectors, including the building and construction industry.
Our tailored approach ensures that businesses fulfill their tax obligations efficiently, whether it’s for private and domestic projects or commercial cleaning services.
How we can help
Here’s how TMS Financials can support you with your TPAR:
Assessing your TPAR obligation
Guidance on lodgement
We’ll assist in preparing and lodging your TPAR via the ATO Business Portal, ensuring accuracy and compliance.
Comprehensive record inspection
Tracking deadlines
We’ll closely monitor lodgement deadlines, ensuring accurate and timely submission of your TPAR to eliminate the risk of late penalties.
Lodge your FBT with TMS Financials
We’re an Australian tax accounting firm with 30+ years of experience serving business owners and investors. Our reputation for reliability and exceptional client service is built on providing accurate financial advice and asset protection. We remain committed to serving our clients with integrity, professionalism, and quality, and have the expertise to help you succeed.
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Principal of TMS Financials
We strive to build long-term relationships with our clients and to be a trusted advisor for all their financial needs.
What is Taxable Payments Annual Report (TPAR)?
As a business owner, it’s important to understand your obligations regarding compliance and third-party reporting. Keeping accurate records of taxable payments made to contractors engaged in service provision is a critical reporting requirement, addressed through the Taxable Payments Annual Report (TPAR).
The TPAR is an industry-specific annual report tailored for businesses mandated to disclose total payments made to contractors. This report, submitted annually to the Australian Tax Office (ATO), serves as a tool for cross-referencing contractor income declared in tax returns with payments made by businesses throughout the financial year, enhancing overall compliance efforts.
The Australian Taxation Office (ATO) uses the TPAR information to data match the contractor’s annual reported income with the payments you reported. The information gathered helps the ATO to ensure that the contractors have correctly reported their income on their tax returns. It also allows the tax office to identify which contractors are not reporting their income, not lodging their tax returns, or incorrectly quoting ABN on their invoices. The ATO can also assess whether contractors should register for Goods and Services Tax (GST).
Do you have any questions?
Schedule a one on one consultation with one of our client managers
When is the TPAR’s due date?
- have overdue TPAR
- were notified about their overdue TPAR through three non-lodgement letters
- do not respond to ATO’s call about their overdue TPAR
Details needed for TPAR
- Australian Business Number (ABN)
- Address
- Name (either business or individual)
- Taxable payments, covering the gross amount paid, inclusive of total GST paid, and total tax withheld in cases where an ABN wasn’t quoted.
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Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!
Lodge your TPAR now