Reporting in the Building and Construction Industry

From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.

Businesses need to report if all of the following apply:

• they are in the building and construction industry
• they make payments to contractors for building and construction services
  
• they have an Australian business number (ABN).

For each contractor, you need to report the following details each financial year:

• ABN, if known
• name
  
• address
• gross amount you paid for the financial year (this is the total paid including GST)
• total GST included in the gross amount you paid

You need to report these payments to the ATO on Taxable Payments annual reports and it is due by 21 July 2013.