You will need to find out which services require you to lodge the taxable payment reports – this depends on your industry.

As an example, for the building and construction industry, you need to report services performed on, or in relation to, any part of a building, structure, works, surface or sub-surface. 

So, if you’re an architectural company that designs apartment blocks and engage an electrician to design the electrics for an apartment block, you will need to report to the ATO your payments to the electrician. However, if you’re a retail company that sells and repairs tools and engages a painter to paint your premises, you don’t have to report these payments.

Your Taxable payments annual report is due on the 28th of August each year. You can lodge the report either online or by using a paper form.