ATO Alert: Wistax Mobile Tax’s Guide to TPAR Compliance

Northern Beaches businesses! ATO penalties for late Taxable Payments Annual Reports (TPAR) are looming from March 22. Wistax Mobile Tax and Accounting Services advises you to grasp the situation and take swift action.

ATO’s Strong Message

Starting March 22, 2024, the ATO will penalize those receiving three non-lodgement letters for overdue TPARs and failing to submit reports for 2023 or prior. Last year saw over 11,000 businesses facing $18 million in penalties.

Your Action Plan

Wistax Mobile Tax recommends tax professionals verify TPAR obligations through Online Services for agents. For those with overdue TPARs, utilize SBR-enabled software or Online Services for agents for prompt submission. Even if your client doesn’t require TPAR submission, file a non-lodgement advice (NLA) form to avoid unnecessary communication.

TPAR Essentials

Remember, the TPAR deadline is annually on August 28, reporting payments to contractors or subcontractors during the financial year. Beyond mere compliance, providing TPAR data fosters fairness in the business landscape.

Act Now with Wistax Mobile Tax

Avoid penalties by taking swift action with Wistax Mobile Tax and Accounting Services. Verify, submit, or inform the ATO as required. Stay compliant, reduce unnecessary communication, and contribute to a transparent business environment.

Stay in the loop with Wistax Mobile Tax: Your ally in tax compliance and business success on Northern Beaches.

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All WISTAX today for an initial free 15-minute telephone consultation with John and his team on 1800 841 312 if you want to join our fast growing accounting franchisee business