Financial reporting is a financial statement which records all the information about the financial activities, business, or person. It encompasses the collection, analysis, summarisation, and presentation of the financial health of a business. It includes the performance of the company over a specific period of time. Financial reporting includes a balance sheet, income statement, statement of cash flows. It is useful for investors, creditors in making investment decisions.
Some of the Financial Reporting Services are as below –
TPAR- Taxable Payment Annual Report
This is basically for the payments you make to the contractors.
TPAR was introduced in the 2011- 2012 federal budget, the purpose of TPAR is to improve compliance.
You need to lodge TPAR on 28th August each year if you are into the building & construction industry, information & technology services, courier service, cleaning service.
The invoice you should receive from each contractor includes the details you need to report in TPAR includes the name & address their ABN, Also the amount you paid to them for their services including GST.
Even if you are not registered under GST then also you need to check if you are required to lodge TPAR.
Copyright 2022 Acctaxoutsource. All Rights Reserved.