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From 1 July 2012, payments made by businesses in the building and construction industry to contractors for building and construction services are to be reported to the ATO each year by these businesses.

The ATO advises that it will send letters throughout November 2012 directly to identified contractors in the building and construction industry, to raise awareness of the new taxable payments reporting system. Agents who receive the letter are requested to forward them on to their clients.


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