From 1 July 2019, new tenderers and first-tier subcontractors looking to secure government contracts over $4 million will be required to provide a satisfactory ATO Statement of Tax Record (STR) showing acceptable engagement with the tax system.
To meet the new guidelines, the ATO recommends tenderers:
- refer to the tender request documentation to clarify the requirements;
- refer to the Procurement Connected Policy (PCP) to understand how the new rules affect you;
- apply for a Statement of Tax Record early to allow time for processing before the tender closing date; and
- keep tax obligations up to date, including registration, lodgement and payment to ensure you receive a satisfactory STR.
For more information about Statement of Tax Records and specific rules associated with tenderers or subcontractors, please contact Shane at Make Cents Accounting on firstname.lastname@example.org