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Prime Mover Magazine

New tax reporting system for road freight

The Australian Government has passed legislation extending the Taxable Payment Reporting System (TPRS) to road freight. 

The TPRS is a tax integrity measure intended to call to account the black economy where cash transactions are made without tax being paid.

Effective from 1 July 2019, businesses with an Australian Business Number (ABN) must report to the Commissioner of Taxation any payments made to a contractor who supplies a road freight service on their behalf.

Reporting is via a Taxable Payments Annual Report. For the purposes of the TPRS, ‘Road Freight’ includes transportation of freight by road, the renting of trucks with drivers for road freight transport and road vehicle towing services.

In addition, ‘Transportation of Freight by Road’ is the transport by road of goods, wares, merchandise, material or any product whether in its raw or natural state, wholly or partially manufactured, of a solid, liquid or gaseous nature, and/or livestock.

The Australian Taxation Office has published a draft ruling for comment.

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