ATO warns contractors to declare income as TPRS data-matching begins

The ATO is reminding contractors to make sure they declare more than $172 billion of payments to that have been reported to the ATO via the Taxable Payments Reporting System (TPRS).

According to the ATO, more than 158,000 businesses have now reported all payments made to contractors in the 2019–20 year and the ATO will be using the data to proactively contact contractors to make sure they have not forgotten to declare the income reported through the TPRS.

The ATO also said that TPRS allows it to check that businesses are registered for GST if required and are using valid Australian Business Numbers.

The ATO is encouraging taxpayers who have not declared or under-declared income from contract work to either lodge an amendment request or speak to their registered tax agent for assistance.