On 10 May 2011, the Treasurer announced changes to improve compliance with taxation obligations by contractors and sub-contractors in the building and construction industry. The introduction of a reporting regime provides a framework for improving contractor compliance. Under the proposal, businesses in the building and construction industry will be required to report payments made to contractors in that industry to the Australian Taxation Office. This proposal also provides a model that could be transferred to contractors in other industries involving high-levels of non‑compliance with taxation obligations. The Regulation Impact Statement was prepared by the Treasury and was assessed as adequate by the Office of Best Practice Regulation.
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