Harper News



Get your “personal service income” affairs in order for 2016

It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company.

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Builders: There may be questions about your taxable payments report

The Tax Office has announced that it is contacting certain businesses in the building and construction industry that have lodged an annual “taxable payments annual report” about some of th...

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Hired a “contractor” who is really an employee? There are consequences

If your business is looking to put on more staff, first of all: congratulations. But secondly, a warning. The engagement status of workers is an important distinction – whether they are employee...

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The undercover employee

The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation of an employee as a contractor by businesses. The mischief from the Tax...

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Employee or contractor? 12 common myths

The Tax Office says that it has encountered several myths and assumptions adopted by both workers and employers when it comes to trying to decide the tax status of a job appointment. It found that employers continually rely upon some inaccurate factors when making distinctions about what makes a worker an employee or contractor — and therefore the tax treatment that applies in these cases. 

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Builders, get your taxable payments reporting ready before July 21

Businesses in the building and construction industry, take note – the deadline is July 21, 2014 to report the total payments you made to each contractor you enlisted the services of in 2013-14. You will need to report these payments to the Tax Office on the Taxable payments annual report.

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Employee or contractor? Some common myths

The ATO still finds that there are several assumptions adopted by both workers and employers when determining the tax status of a job appointment, and that employers continually rely on some inaccurate factors when working out whether a worker is an “employee” or “contractor”. Getting that assessment wrong can have significant tax consequences for employers’ tax and super obligations.

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New contractor tax reporting requirements

A change to the reporting requirements for businesses in the building and construction sector is about to become a reality from July 1, 2012. The new ‘Taxable Payments Report’ will require operators to report on certain payments made to contractors. The Tax Office says data from the Taxable Payments Report will improve compliance and detect contractors who have either not lodged returns or not included all of their income.

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