Generate Taxable Payments Annual Reports: Australia
You can generate taxable payment reports for submission to the Australian Taxation Office (ATO).
In order to process your taxable payments reports correctly, each invoice that is subject to reporting must be set appropriately (you selected the Include in Payments Reporting check box in AP Transaction Entry, AP Unapproved Invoice Entry, or AP Recurring Invoices). This box will be checked automatically for each associated invoice if you set the contractor/creditor as subject to taxable payments reporting in the AP Vendors form (selected the Subject to Taxable Payments Reporting check box, Add'l Info tab). For more information see Setting Vendors Subject to Taxable Payments Reporting.
To ensure that all applicable invoices are set correctly, you can use the AP Paid Invoice Review form to review previously paid invoices and set them as subject to taxable payments as necessary. For more information, see Setting Paid Invoices as Subject to Taxable Payments.
To generate your taxable payments reports:
- In the AP Taxable Payments form, set up the tax year and enter your company information for processing reports. For more information, see Setting Up Company Information for Processing Taxable Payments Reports.
- From the toolbar, select . The system updates the Creditor Payments tab with all applicable taxable payments for the selected tax year for each creditor that has been set as subject to taxable payments reporting in the AP Vendors form.
- Update creditor payment
information on the Creditor Amounts tab as necessary. For more information, see Updating Creditor Amounts for Taxable Payments
Reporting. Note: If the Creditor Payments tab is not displaying all of the payments you expect to see, the invoices in AP may not have been marked as subject to taxable payments reporting. You can use the AP Tax Payment Invoice Review form to update previously posted and paid invoices to be subject to taxable payments reporting. For more information, see Setting Paid Invoices as Subject to Taxable Payments.
- From the toolbar, select . The AP Electronic File Generate form displays.
- Verify that the correct year
displays in the Tax Year field and select
Original in the Taxable Payment Annual Report Filing
Option section of the form.Note: If you are generating an amended file, select Amended in the Taxable Payment Annual Report Filing Option section of the form and enter the amended date in the Amended Date field. When the file is generated, the system will only collect records from the Creditor Payments tab that have a matching amended date. For more information, see Amending Taxable Payments Reports.
- Click Generate.The Save Export File As window displays.
- Save the text file to a location on your network. The system saves the file and a displays a message stating the number of records that were processed.
- Click Close.The system returns to the AP Electronic File Generate form.
- Submit the electronic file to the ATO.
- Once you have finished preparing taxable payment reporting for the current year, you should close the tax year to prevent any unintentional updates. To close the tax year, check the Tax Year Closed box for the current year on the AP Taxable Payments form (Info tab).