Those who bore the additional administrative duties may have been sceptical of the real benefits of taxable payments annual reports (TPAR), but results from the ATO show the scheme had significant success during the 2015/16 financial year – to the tune of $2.7 billion saved from the black economy.
The TPAR scheme allows the ATO to more readily match income tax returns from contractors against business reporting, reducing the ability for tax evasion.
Of course, with clients across a wide range of industries and a strong focus on helping Australian businesses manage their taxation compliance obligations, our ERP solution is
TPAR enabled.
As the scheme expands to road freight, security, investigation, surveillance and information technology industries from 1 July 2019, Sybiz Vision users in these industries will find they are ready to start reporting with TPAR, providing they are on the latest version.
We’ve previously communicated that the accepted file format for TPAR, also known as TPRS or taxable payments reporting scheme, was set to change from the end of the 2017/18 financial year. Sybiz Vision Classic users (version 12.92 or earlier) in the building and construction and cleaning and courier industries were required to upgrade to at least Sybiz Vision version 16.11 in order to submit their TPAR reports digitally.
We always recommend users upgrade to the latest version of Sybiz Vision in consultation with their Authorised Business Partner.