News

With tax season nearly upon us once more, we’re taking a moment to look at TPAR – Taxable Payments Annual Reports. With subcontracting so common in the Australian transport industry, these reports are a critical part of ensuring compliance with the Australian Taxation Office, helping prevent under-the-table deals, tax evasion, and other forms of fraud. This helps keep the playing field level, preventing bad apples from gaining an edge through unscrupulous practices.

It’s important to recognise that these measure aren’t fighting a paper tiger – the ‘shadow economy’ is estimated to cost around 3% of Australia’s GDP, to the tune of at least $50 billion. About half of that figure is attributed to cash jobs, under-reported income, and unpaid wages. That figure represents a tax burden which the rest of us have to pick up.

For business owners trying to do the right thing, it’s yet another hoop to jump through, taking time away from the things you’d rather be doing. This is why we built the Subcontractor Payment Authority feature into ConNote. SPA allows you to quickly and easily keep subcontractors information on file for repeat jobs, print reports for individual contractors, as well as generate summary reports for time periods.

We’re looking to take this one step further. As registered Digital Service Providers for the ATO, with an accredited Payroll package, we’re looking at building on our experience with STP and bridging the admin gap between ConNote’s SPA and TPAR. Imagine if you could generate your reports with one click, and have them reviewed and ready to send without any hassle? If you’d like to see that in your software, we’d love to chat with you!