Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd from Boyd Office Management Services
Date: 30 July 2019
It is probable if you run a business in the construction industry that you are aware of TPAR (Tax Payment Reporting System) as part of your annual reporting requirements for the ATO. But what if you are in the courier or cleaning industries - have you heard of it? And this is your official heads up for security and IT...
No doubt if you have got a great bookkeeper you’re all over it. But for the remaining 95% of small businesses... are you aware of what this reporting requirement is, how to be compliant and why this is in place?
Well, today we welcome the Marcus Chew, Director – Small Business, Australian Taxation Office who looks after this aspect of reporting to the ATO to chat about why it’s in place and how you can ensure you are compliant.
Welcome to the show Marcus.
Topics we’ll be covering:
- What is the taxable payments reporting system (TPRS) and why is the ATO looking after this?
- Little background about why its in place and why
- Why has it been brought in? (talk about how it is part of the black economy) and what’s the bigger picture and what problem is the ATO trying to solve?
- What industries have to do the report and what are the plans into the future?
- How can businesses getting ready for TPRS? What’s involved; a step by step as to the requirements the ATO expects from businesses?
- Third party resources - ATO online services for sole traders & individuals, MyGov
- Others apps & software to help you
- What resources are available – from the ATO and also your local accountant, bookkeeper. The importance of engaging with a TPB accredited professional
- Professional associations
To find out more go to their website: https://www.ato.gov.au/Business/Reports-and-returns/Taxable-payments-annual-report/
Marcus Chew, Director – Small Business, Australian Taxation Office Bio
Marcus leads the Taxable Payments Reporting System (TPRS) management team at the ATO, which has responsibility for the administration and expansion of TPRS.
Marcus’s role is diverse and involves working closely with industry groups, tax professionals, small businesses and their advocates to make meeting TPRS obligations as straight forward as possible.
Marcus started in the ATO in 1999, and has been a Director across roles in risk management, strategy development, data management, measurement and evaluation, as well as working as an economist in Transfer Pricing. Marcus has also worked for the International Monetary Fund on assignment in the Middle East focused on risk management.
When not swimming in all things TPRS, Marcus enjoys spending time travelling with his young family, training in Muay Thai and is a huge fan of the NBA.