Not available in AccountRight Basics Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. These payments need to be reported to the Australian Taxation Office (ATO) on the Taxable Payments Annual Report, or electronically. Do I need to report payments?You 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 website. How to track reportable payments in AccountRightOnce you select the contractor payments option in the Preferences window, 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 Expand |
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| title | To set up taxable contractor payments reporting |
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| Set the reporting preference - Go to the Setup menu > Preferences. The Preferences window appears.
- Click the Reports & Forms tab and select the preference, I Report Taxable Payments Made to Contractors.
- Click OK.
Whenever you record a Spend Money or purchase transaction, the Reportable Payment option will appear in the transaction window. Select this option to mark the transaction as being a reportable payment.
Set up suppliers to report - Go to the Card File command centre and click Cards List. The Cards List window appears.
- Click the Supplier tab.
- Click the zoom arrow of the card you want to set up. The Card Information window appears.
- Click the Buying Details tab.
- Select Report Taxable Payments. In the message that appears, choose whether to report any existing transactions for the supplier for the current financial year. Note that you can later remove payments from reporting.
- Click OK. The Cards List window reappears. Whenever the card is selected in a Spend Money or purchase transaction, the transaction is marked as reportable by default.
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| title | To report taxable payments |
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| - Go to the Purchases command centre and click Report Taxable Payments. The Taxable Payments Assistant opens.
- 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 Review Your Transactions to:- review all transactions marked as reportable
- change the reporting status of transactions.
- 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 the file and click Save.
- 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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