Penalties for overdue TPAR
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
Affected industries where taxpayers may have an obligation to lodge a TPAR are:
From 23 March 2022, the ATO will apply failure to lodge penalties to those who:
In the coming weeks the ATO may be phoning tax agents (or taxpayers directly) about their overdue TPAR, to follow up the non-lodgment letters that have been sent.
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