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Attention: Building & Construction clients

As part of the ATOs aim to improve reporting compliance by contractors, businesses within the building & construction industry are now required to submit an annual report of all payments made to contractors for provision of building and construction services for each financial year.

The ATO has recently issued an article titled ‘Getting your work-related deductions right this tax time’, which warns taxpayers that they will be paying closer attention to work-related expenses claimed this financial year.

Recently we have seen some significant change in the registers used across various Commonwealth, State and Territory  bodies to document goods which have a security interest held over them. These registers are used both personally and commercially, however changes and migrations which have taken place will specifically impact on many Small and Medium Businesses. We feel it is important to  remind, or in fact introduce clients, to the Personal Property Securities Register (PPSR) and its applications.

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