Reporting on Contractors in Building and Construction Industry

The ATO is watching and collecting more and more data on your business.

From the 1 July 2012 you will have to record any payments you make to a contractor who is providing building and construction services and report it to the ATO on an annual basis.

It will be interesting to see what the ramification are to both you and the contractor whey the ATO receive the report and see that a contractor is basically acting as an employee.