Taxable Payments Reporting

From 1 July 2012, businesses in the Construction Industry need to report the total payments they make to each contractor for building and construction services each year

Details you need to report

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QBCC Licensing

QBCC Self Assessment - Is it Working? Do you Even Know About it?

It has been over a year since the QBCC introduced a new reporting regime and from what I have seen many tradespeople really don't have any idea things have changed. I wrote a blog back in September last year about the changes so won't repeat all of those details (CLICK HERE to read that post).

If you are a tradie and covered by the QBCC licensing regime then it is important to understand your "self certification and review" obligations.

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Construction Industry Contractor Payments Report

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?

Are you...

     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:

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QBCC Licensing Can Be A Nightmare

QBCC Licensing can be a Nightmare but it is Getting Easier

The QBCC regulates the building industry in Queensland with the objective of maintaining proper building standards throughout the state. Part of their role is to administer the licensing regime. Depending on turnover licensee's had a range of licensing obligations including legal deed's of covenant and accounting formalities. The good news is that the QBCC has recognised this burden was often costly and added little protection to the regime so they have introduced what is essentially a "self certification" process. The self certification process replaces the need to provide financial information at the annual review. We think this is a good development and should reduce the burden of your annual license renewal.

If your livelihood relies on you keeping your QBCC license compliant then this is important information and there are some important things to understand about the new regime.

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Personal Services Income - Busting the Myths

Personal Services Income - To be Included or Not to be Included, That is the Question?

As central to the question of existence contemplated by Shakespeare's Hamlet is the question posed by the results test with reference to personal tax obligations. In a previous blog (click here to read that blog) I discussed the myths (a polite term for rubbish) surrounding the contractor or employee discussion and this blog expands on and explains Personal Services Income in more detail.

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