General
Information on how the system works:
· Within
your software flag the suppliers to be reported on (it doesn’t include goods
only invoices)
· Invoices
for labour or mixed labour/goods are to be included
· The Law
DOES NOT require a dissection between what is on the suppliers invoice
· It is
NOT a requirement to notify the suppliers of what you are informing the tax
office
· Print
report of suppliers & YTD Paid Value for Taxable Payments Report for you to
review
· Only
PAID invoices to be included in Taxable Payments Report at 30/6/2013 (it seems
all software is aware of this requirement)
· Create
file of Taxable Payments Report in required format
· Business
may lodge on Business Portal or Tax Agent can lodge through Portal or SBR
enabled software
· If you
want to lodge a paper form, you must complete and send the Taxable Payments
Annual Report to the ATO
· If you
have more than 9 contractors you will need to order additional manual form
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