Sydney, Australia, June 01, 2013 --(PR.com
)-- If you have clients in the building and construction industry you may have an extra reporting obligation from July 1st 2013 however GovReports has the lodgement solution.
From 1st July 2012, businesses in the building and construction industry need to report to the ATO the total payments they make to each contractor for building and construction services each year.
The first Taxable Payment Annual Report (TPAR) will cover payments made in the 2012-13 financial year and is due to be lodged by 21st July 2013. As normal tax agents are granted an extension to prepare and lodge the report and have until 25th August.
The problem which many accountants and their clients in the building and construction industry will face is that not many software have the facility to capture the required data from 1st July 2012 and convert the data for file transfer to the ATO.
Management accounting software companies will take the opportunity to add this new feature to their software specifically for the building and construction industry so that it captures data and completes the TPAR. For the immediate term however, it is likely that the service will be an external service to existing software solutions.
There are 3 ways that you can report the TPAR:
1. Using SBR enabled software such as GovReports
2. Download the TPAR form from the ATO website, complete, print and send to the ATO
3. File transfer via ATO portals
Developed by Impact Management Group, GovReports is the cloud based client management and lodgement portal designed for AUSkey holders to manage and submit reports from a single website to SBR ready government agencies such as the ATO, OSR and ASIC.
GovReports will be soon releasing the TPAR for lodgement via SBR channel, enabling tax agents and businesses in the building and construction industry to easily create, report and lodge direct to the ATO. The additional form will be part of both the existing ELS Plus package for tax agents and Business package for organisations.
"Many of our accountants who use GovReports have building and construction industry clients so we made it a priority to include the form as part of our services well before the lodgement season," commented Impact Management Group Director Tiana Tran.
"Being a cloud lodgement portal, GovReports makes it easy for accountants to complete the TPAR by entering data and mailing the form to their building and construction industry clients as well as seamless lodgement to the ATO, all in one go."
"As GovReports is independent management software the TPAR file can be created from any accounting software and can be uploaded and lodged throughGovReports."
"SBR enabled software such as GovReports will provide peace of mind because when the report is lodged, confirmation of lodgement is given with a receipt direct from ATO."
Filling out the TPAR form downloaded from the ATO website could be the best option for smaller companies with a limited number of contractors.
The newly introduced file transfer facility as part of the ATO business and tax agent portals would enable the lodgement of TPAR electronically; however, testing the efficiency of these portals during peak tax time season is yet to be explored.
For medium and large businesses, GovReports will release new sets of form packages before the end of the financial year, including specific forms for building and construction industry organisations.
GovReports will also be offering special end of financial year deals from June 1st on both packages for accountants and businesses.
For more details go to www.govreports.com.au or call GovReports on 1300 65 25 90.
Further details about the TPAR can be found on the ATO website.