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Bookkeepers urged to fill taxable payments reporting knowledge gap

Bookkeepers urged to fill taxable payments reporting knowledge gap

Bookkeepers have been advised to start educating clients on the extension of the taxable payments reporting system to a number of industries over the next two years, after finding “total ignorance” from clients.

Bookkeeper Jotham Lian 19 July 2018

The taxable payments reporting system (TPRS) was first introduced in the building and construction industry in 2012, with proposed legislation currently before Senate to expand them to the courier and cleaning industries from 1 July 2018, and to security providers and investigation services; road freight transport; and computer system design and related services from 1 July 2019.

Speaking to The Bookkeeper, Direct Management director, Diane Lucas, said that there was a pressing need for clients to be educated.

“The general awareness of those businesses is total ignorance so I think there's a really positive area there for bookkeepers to step up and have those discussions with their clients and have them understand why this is happening in their industry and how they can be of assistance with compliance,” said Ms Lucas.

“From a bookkeeping perspective, the implementation shouldn't be hard. From a client perspective, there will be an education component to that because even in the construction industry, when we take over new clients and ask them if they are aware of TPRS, there is still a fair degree of ignorance amongst the smaller businesses.

“Having TPRS in the construction industry is a benefit to the bookkeeper sector because we are all aware of it but the underpinning education for those industries is still a requirement.”

Earlier this year, Association of Accounting Technicians chief executive, Rochelle Park, similarly called on bookkeepers to be on the front foot.

Further, Ms Lucas believes bookkeepers should take the opportunity to be the “proactive adviser” in educating their clients.

“Talking to your cleaning or courier clients is an imperative discussion and we definitely can't assume that they are necessarily aware of it,” said Ms Lucas.

“It is just another touch point with the client and being the proactive adviser that is actively educating the client base.”

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Bookkeepers urged to fill taxable payments reporting knowledge gap
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