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ATO issues ‘last warning’ on overdue TPARs

Business

The Tax Office will begin applying failure to lodge penalties for those with an overdue taxable payments annual report from 22 March.

By Miranda Brownlee 9 minute read

The ATO is urging tax professionals to check if their clients need to lodge a taxable payments annual report (TPAR) with the regulator set to start applying penalties next month.

“From 22 March 2024, we’ll apply failure to lodge penalties to those who have been sent three non-lodgement letters about their overdue TPAR and haven’t lodged their 2023 or prior year TPAR,” said the ATO in a recent update.

“Last year we issued approximately $18m in penalties to more than 11,000 businesses,” it said.

The ATO reminded tax professionals that they can check if their client needs to lodge a TPAR by using the reported transactions service in Online Services for agents, which allows them to view records of payments made to contractors.

“If your clients have overdue TPARs, lodge them now through SBR-enabled software or Online services for agents,” it said.

“If your client doesn’t need to lodge a TPAR, you still need to submit a non-lodgement advice (NLA) form to avoid unnecessary contact from us. If your client no longer pays contractors, you can also use this form to tell us that they won’t need to lodge a TPAR in the future.

The TPAR is used to report payments made to contractors or subcontractors during the financial year and is due on 28 August each year.

“TPAR data helps us identify contractors who don’t declare all their income so we can level the playing field for businesses who do the right thing,” the ATO said.

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Miranda Brownlee

Miranda Brownlee

AUTHOR

Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

You can email Miranda on:miranda.brownlee@momentummedia.com.au
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