Here's a short video to help you comply with new reporting regulations if you're in the building industry.
If you operate a business in the building and construction industry, then you should be aware that from this year you will need to submit a taxable payments annual report by the 21st of July.
This means that you will need to report the total payments your business made to each contractor for building and construction related services in the 2012-13 financial year.
The annual reports can be submitted online at the ATO website.
The ATO has released this 3-minute video below demonstrating the steps involved in lodging a taxable payments report online.
See the ATO website for more information on taxable payments reporting.
Thanks to @Blingblingbooks for bringing the video to our attention.