Here are four simple tips to get it right:
- Check your contractor’s ABN and GST registration details as you deal with them through the year to make sure you correctly report them. To do this - use the ABN lookup tool or the ATO app. Report each contractor’s ABN, the total GST and gross amount paid to them for the year, in the correct fields.
- Show whole dollar amounts – ignore the cents
- Lodge online - make the process quick and easy this year by lodging online. All you need is an AUSkey and business software that can generate the annual report.
- Tell us if you don’t need to report – if you’re no longer in the building and construction industry or didn’t pay contractors for the year, let us know by completing the simple online form on our website. That way we will know not to contact you further about it.