More Industries targeted under taxable payments reporting system (‘TPRS’)
The TPRS was introduced for the first time in the 2013 income year with respect to businesses in the building and construction industry, requiring the reporting of total payments made to contractors for building and construction services each year.
The taxable payments annual report is due by 28 August each year.
Legislation is currently being considered by Parliament to extend the TPRS to the cleaning and courier industries from the 2019 income year.
Furthermore, draft legislation has now been released to further expand the TPRS to the following industries from the 2020 income year:
- security providers and investigation services;
- road freight transport; and
- computer system design and related services.