2012 Tax Changes – Building Industry Reporting
Building industry reporting
If you’re a business or entrepreneur operating in the building or construction industries, then you’ll need to start reporting on every payment made to contractors in the New Year.
As for who needs to report – any business primarily operating in the building and construction industries, including businesses making payments to contractors. If more than half of your business activity relates to building and construction, then you need to start reporting.
The details you need to report for each contractor include:
- Gross amount paid in the financial year
- Total GST included in the gross amount paid
You’ll also need to report worksheets and other records, including payment details for work done in relation to any sort of building or structure. That includes construction, demolition, design, destruction, erection, improvements, maintenance and repair.
Contractors who pay other contractors may need to fill in all this information as well.
Businesses will need to make this report by July 21 each year, but don’t fear – the first report isn’t due until July 2013.