If You Engage Contractors in the Construction Industry You Must Report ALL Contractor Payments Made
Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.
Do you have to complete this report?
1. A business that is primarily in the building and construction industry?
2. Paying contractors?
If you answered yes to both of the above then you are required to complete the Taxable Payments Report.
Details you need to report
For each contractor, you need to report the following details each financial year: