July Compliance Checklist for Tradies
With the end of the financial year behind us, July is the ideal time for tradies and construction businesses to ensure their reporting obligations are on track.
Taking some time now to review your records can help avoid last-minute stress, reduce the risk of penalties and keep your business compliant throughout the year.
Taxable Payments Annual Report (TPAR)
If your business operates within the building and construction industry and engages contractors, you may be required to lodge a TPAR with the Australian Taxation Office (ATO).
The TPAR reports payments made to contractors during the previous financial year and is an important compliance requirement for many trade businesses.
Now is a good time to review:
- Contractor records
- ABNs and business details
- Payment summaries and invoices
- Total contractor payments made during the 2025–26 financial year
Getting your records organised early can make the August lodgement process much smoother.
Long Service Leave Obligations
Businesses registered with portable long service leave schemes should also use this time to review their employee records and reporting requirements.
Before your next lodgement, check:
- Employee classifications
- Hours worked
- Wages reported
- Any outstanding returns, lodgements or payments
Accurate reporting helps ensure your employees receive their correct entitlements while keeping your business compliant with scheme requirements.
Review Your EOFY Records
July is also an excellent opportunity to carry out a general review of your business records and processes.
Consider reviewing:
- Payroll and employee information
- Contractor details
- Superannuation payments
- Accounting and bookkeeping records
- Outstanding compliance obligations
Addressing any issues early in the new financial year can save time and help prevent costly mistakes later.
Start the New Financial Year with Confidence
Staying on top of your compliance obligations doesn’t have to be difficult. A little preparation now can help ensure your reporting is accurate, your records are complete and your business remains compliant.
If you’re unsure about your TPAR obligations, long service leave reporting requirements or other EOFY compliance matters, our team is here to help.
Contact Advisory One today to discuss your business requirements.
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