Hanrick Curran has significant expertise in providing advice and accounting services to the Building and Construction industry and service providers to that industry. With the Queensland market showing signs of tail winds it is more important than ever to remain compliant to capitalise on the opportunities ahead.
The ATO is writing to businesses in the building and construction industry that have not lodged their ‘Taxable Payments Annual Report’, which was due to be lodged by 21 June 2014.
Each year, businesses in the building and construction industry must complete the Taxable payments annual report to advise the ATO the amount they paid for building and construction services.
What are ‘building and construction services’?
The ATO’s definition of building and construction services is broad and covers a wide range of occupations and activities. It includes services such as bricklaying, plumbing, etc. However, it also includes some activities that businesses may not be aware of, such as:
- Architectural work (including drafting and design);
- Cable laying;
- Communications construction;
- Decorating (including painting);
- Installation of hard wired alarm systems;
- Installation of solar devices;
- Landscaping; and
- Project management.
For assistance in efficiently managing your compliance obligations and to secure the right advisory team around you to capitalise on the improving market, please contact one of our Property Specialists on 07 3219 3900.