The ATO has announced that it will continue to acquire details of entities that receive contractor payments from other businesses for the 2013/14, 2014/15 and 2015/16 financial years.
The data that will be obtained includes:
- Australian Business Number (ABN) of the payer business;
- ABN of the payee business (contractor);
- Name, address and telephone details of the contractor;
- Dates of payments to the contractor; and
- Amounts paid (including details of whether the payment including GST).
The ATO estimates that records for approximately 25,000 entities will be obtained each year, including the records for approximately 12,500 individuals.
The purpose of this data matching program is to ensure that taxpayers are correctly meeting their taxation obligations in relation to contractor payments.
Disclaimer: NTAA Practice Update
* * * Disclaimer: The information is sourced from NTAA. * * *
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.
