Not available in AccountRight Basics Businesses in the building and construction industry need Some industries are required to report to the total payments they make to each contractor for building and construction services each year. These payments ATO the amount of payments made to contractors for services (such as labour). Payments need to be reported to the Australian Taxation Office (ATO) on the Taxable Payments Annual Report, or electronically. HTML |
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Do I Does my business need to report payments?You There's a growing list of businesses which may need to report contractor payments if all of the following apply: - you're a business that is primarily in the building and construction industry
- you make payments to contractors for building and construction services
- you have an Australian Business Number (ABN).
If you’re not sure whether you need to report contractor payments, consult your accountant or visit the ATO payments. To check the list, visit the ATO website. Have you upgraded from AccountRight v19? Make sure you've completed the Upgrade task - taxable payments reporting. What transactions do I need to report?You need to report the total payments you make to each applicable contractor or supplier each year. This doesn’t include payments for materials, but you should report any transactions that include a service component. For example, you would be required to report a transaction involving the purchase of paint alongside painting services. For more information on the payments you need to report, visit the ATO website. How to track reportable payments in AccountRightOnce you select the contractor payments option in the Preferences window (Setup > Preferences > Reports & Forms tab), you can start marking transactions as reportable. You can mark: - Spend Money payments made to suppliers as reportable. You can also set up a supplier so that any payments for them are automatically included in reporting.
- Bills and Orders recorded for suppliers. Payments received against these transactions will be included in the report.
You can then generate a report that will help you complete the ATO forms, or create a report file you can lodge electronically. Lodging your report electronicallyYou can lodge your report electronically, using the ATO’s Business Portal. If you haven’t already set up access to the Business Portal, you should do this before the end of the financial year so you’ll be ready to lodge the report when it’s due. See the ATO website for more information. UI Text Box |
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| Amending a lodged report To find out how to amend a lodged report, see the ATO website. |
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title | To report taxable payments |
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| To report taxable payments- Go to the Purchases command centre and click Report Taxable Payments. The Taxable Payments Assistant opens.
- Click Chose the year you're reporting for then click Next. The Company Information window appears.
- Enter any company information that doesn’t appear by default.
- Click Next. The Review window appears.In this window, you can click
- To review your reportable transactions:
- Click Review Your Transactions to
:review - see a list of all transactions marked as reportable.
change the reporting status of transactions- Click the blue zoom arrow Image Added for a transaction to see its details.
- Deselect any transactions that are not reportable.
- Click Record.
- Click Next. The Create window appears.
- Click View Taxable Payments Report. The Taxable Payments Annual Report (Detail) report appears. You can use the report to help you complete your ATO forms, or to keep for your records.
- If you're lodging the Taxable Payments Annual Report file:
- Click Create Taxable Payments File. The Save As window appears.
- Select the location to store save the file and click Save. The taxable payments file is saved. By default, the file will be saved as TPAR.C01
- Click Finish to close the assistant.
For additional information on reporting taxable contractor payments in AccountRight, see Support Note 35247, ‘Reporting taxable payments - AccountRight 2013 and later’. |
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