Auswild & Broad | Blog

Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year.

From 22 March, the ATO will apply penalties to businesses that:

• have not lodged their TPAR from 2023 or previous income years;
• have received three reminder letters about their overdue TPAR.

Last year the ATO issued approximately $18 million in penalties to more than 11,000 businesses.

Taxpayers that do not need to lodge a TPAR can submit a 'non-lodgment advice form'.

Taxpayers that no longer pay contractors can also use this form to indicate that they will not need to lodge a TPAR in the future.

Taxpayers can refer to the ATO's website for further information regarding how to prepare, record and report their TPAR.

Ref ATO website, Small Business Newsroom, 13 February 2024