Key Documents
The Government has released for public consultation exposure draft legislation and explanatory memorandum to further expand the taxable payment reporting system (TPRS) to three new industries: 'road freight', 'information technology', or 'security, investigation or surveillance', to ensure payments made to contractors in these industries are reported to the Australian Taxation Office (ATO). The ATO has released a draft determination and guidance material that provides further detail on the operation of the TPRS measure for feedback on ATO's Let's Talk page. Consultation on the draft determination, accompanying explanatory statement and guidance material closes 17 August 2018. The information on the TPRS obligations and reporting requirements that currently apply to the building and construction industry is available on the ATO website. As this information only applies to the building and construction industry it is indicative only, of similar obligations which would apply to the three new industries. Stakeholders are invited to comment on the exposure draft legislation and explanatory material. The closing date for submissions is Friday 17 August 2018.