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Penalties for overdue TPAR

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Published by:
Modoras
Published on:
April 07, 2022
Modoras Pty Ltd ABN 86 068 034 908
Blog Banner Penalties for overdue TPAR 20220413

The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR. Affected industries where taxpayers may have an obligation to lodge a TPAR are:

  • Cleaning services;
  • Building and construction services;
  • Road freight;
  • Courier services;
  • Information technology services;
  • Security, investigation or surveillance
    services.

From 23 March 2022, the ATO will apply failure to lodge penalties to those who:

  • did not lodge their 2021 or prior year TPAR;
  • have already been sent three non-lodgment letters about their overdue TPAR;
  • do not respond to an ATO follow-up phone
    call about their overdue TPAR.

In the coming weeks, the ATO may be phoning tax agents (or taxpayers directly) about their overdue TPAR, to follow up the non-lodgment letters that have been sent.

Get expert advice

For more information on how the changes affect you or your business and what you can do to make the most of them, book an appointment with one of our accountants.  Now is the time to act if you want to have a successful return. Book an appointment with a Modoras professional to know how you can make the most of your tax time this year.

 

Make tax time count. Know what you need to prepare for tax time this year.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (SYD) Pty Ltd ABN 18 622 475 521. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (SYD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (SYD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (SYD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (SYD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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