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31 May 11 Reporting of taxable payments for contractors in the building and construction industry

On 30 May 2011 the Assistant Treasurer released a consultation paper entitled “Reporting of Taxable Payments for Contractors in the Building and Construction Industry”.

The introduction of a reporting regime requiring certain businesses in the building and construction industry to report annually to the ATO the details of payments made to contractors was announced in the 2011-2012 Budget. The regime will only require businesses to report information that they are already required to collect and record under the existing taxation law.

The Budget measure will not introduce any new requirements for contractors to report payments made to them. Contractors will only be required to report on payments that they make to sub-contractors in the building and construction industry, and otherwise comply with existing obligations in respect of reporting of taxable income.

The consultation paper seeks industry views on important aspects of the design of the reporting regime.

The closing date for submissions is Monday, 27 June 2011.