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Reckon / Quickbooks – How to Set up and How to Report Taxable Payments Annual Report (TPAR) – and when due?

images/ReckonLogo2016.JPGBusinesses who operate in the building and construction industries will most likely need to know how to report Taxable Payments Annual Report (TPAR) – so how do we set up the Reckon/Quickbooks file, how do we generate the report and when is the due date to report?

Here we look at what the 1 Australian Tax Office (ATO) requires and how to 2 Steps to set up and generate a Taxable Payments Annual Report from RECKON software.

1  ATO Requirements

You may need to lodge a Taxable payments annual report by 28 August each year if you are a:

  • Business in the building and construction industry;
  • Government entity;
  • May extend to Couriers and Cleaners.

The Taxable payments annual report reports to the ATO about payments you have made to contractors for providing services. Some government entities also need to report the grants they have paid and payments they make to certain other entities.

Contractors can include subcontractors, consultants and independent contractors.

They can be operating as sole traders (individuals), companies, partnerships or trusts.

See our post HERE, for more ATO detail.

2  Reckon Accounts (and Hosted) - The steps to set up and generate the report are -

a.  Enable the Taxable Payment Reporting option in the preference to be able to open the report.

1.     Go to the Edit menu, choose Preferences

2.     Choose the Tax item and go to the Company Preferences tab

3.     In the Taxable Payment Report section, click to select the Enable the Taxable Payment Reporting option

4.     Click OK

b.  Enable a supplier (sub-contractor) to become reportable on the Taxable Payment report

1.     Go to the Suppliers menu and choose Supplier Centre

2.     On the Suppliers tab, double click the supplier's name to open the supplier's profile

3.     Click to select the “Include in Taxable Payments electronic report” option

4.     Click OK

c.  How do I create this report to have what I need to upload or write on the ATO form?

1)     Go to the Suppliers menu, click Tax Activities, click Process Taxable Payments
The Process Taxable Payments annual report window opens

2)     Click the Tax Year drop-down to select the tax year you are reporting on

3)     If applicable, click the Withholding Liability Account drop-down to select the account you use to track withholding tax

4)     Click the (tick) column to select the selected suppliers that you want to appear in the selected tax year's report

5)     Click the supplier to view the transactions for each supplier that are included in the report.
The Supplier Taxable Payments Details - <supplier name> window opens

6)     You can review each transaction and click to deselect if you don't want a transaction that doesn’t apply, included

7)     Click OK

8)     Click Save to save the changes (if you have made them) in the Process Taxable Payments annual report window

9)     Click Export to save the report to your disk. The Select Location for Tax Payment Report File window opens. Enter a file name for the report, we recommend using the date in the file name
The default location for the file is \\ProgramData\Intuit\ReckonAccounts 2013\<level> 2013\<Company Name>\Export Files\Tax Payment Reports. For Reckon Accounts Hosted users, the default location is "Q:\ "

10)  Click Save. You will receive a message that the file has been successfully written. If you have electronic key, you can upload the file to your ATO portal

Note: If you make any changes to the data whilst the Taxable Payments Annual Report Window is open, the report needs to be closed and reopened for it to refresh.

4.  How do you Amend the TPAR report if incorrect?

If you require to submit an amended report to the ATO, select the Generate Taxable Payments as ‘Amended' option in the Process Taxable Payments annual report window.

Select the supplier that has been amended from the list and click Create Report.

 

What are your thoughts? Call for FREE30min advice / strategy session today! 0407 361 596 Aust

Email i This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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XERO – TPAR – Taxable Payments Annual Report – How to set up and report in MYOB AccountRight

images/xero icon.pngTPAR, taxable payments annual reporting is for businesses who are in the building and construction industries, you may be wondering how to generate in Xero a Taxable Payments Annual Report (TPAR) – and want to know when is the due date?

Here we look at what the: 1 Australian Tax Office (ATO) requires and how to at: 2 Steps to set up and generate a Taxable Payments Annual Report from XERO software.

1 ATO Requirements

You may be required to lodge a Taxable payments annual report by 28 August each year if you are a:

  • Business in the building and construction industry;
  • Government entity;
  • May extend to Couriers and Cleaners

The Taxable payments annual report (TPAR) reports to the ATO about payments you have made to contractors for providing services. Some government entities also need to report the grants they have paid and payments they make to certain other entities.

Contractors can include subcontractors, consultants and independent contractors.

They can be operating as sole traders (individuals), companies, partnerships or trusts.

See our post HERE, for more detail from ATO.

2 XERO - The steps to set up and generate the report are -

How to track reportable payments in XERO

Xero has a support page which we present also here. Xero lets you identify payments to contractors that you need to include in the report. The report:

  • Includes paid bills and spend money transactions (including overpayments and prepayments) from all accounts;
  • Excludes credit notes and payments made in other currencies;
  • Only includes organisations or contacts with Australian addresses.

You can filter out individual payments after you've run the report. If you've withheld tax because no ABN has been quoted you can either:

  • Enter this manually on the paper report; or
  • Continue to report it in your Activity Statements.

First you set up a Contact Group, then set up Rules, then Export the Report –

1 Create contact group

Create a contact group for contacts you are needing to include in the Taxable Payments Annual Report, then add each contact to this group.

You can create more than one contact group if your Taxable Payments Annual Report is likely to produce more than 2500 invoice lines. Make sure your contacts belong to only one of the contact groups you've created.

If you don't create a contact group, the rules you set up to run the report will find all contacts you've paid.

2 Set up or edit rules for contractors and reportable payments

The report identifies contacts you've made taxable payments to, based on the rule.

1.     In the Reports menu, select All Reports.

2.     Click Taxable Payments Annual Report.

3.     Select the year covered by the report.

4.     Select either:

  • Set up Rules to set up your first set of rules, or
  • Edit Report Rules to edit your rules.

5.     In Payments to, select either All contacts or an individual contact group you've set up for your Taxable Payments Annual Report contacts.

6.     In Paid from select either:

  • All accounts (if you've selected an individual contact group in the Payments to dropdown), or
  • An individual expense account from your chart of accounts.

7.     (Optional) Select Add Rule to add more rules, up to 12 in total. You can delete a rule by selecting x at the end of the Paid from field.

8.     (Optional) Select the Reset all previously deselected payments checkbox to reset any excluded payments or contacts.

  1.  Click Save.

3 Export report

You can export the Taxable Payment Annual Report in either ATO or CSV format.

(i)             ATO format

Submit your report to the ATO through their online services Business Portal.

1.     Check your contact details and organisation settings are complete. This includes your legal (trading) name, Australian Business Number, phone number, and a physical address in Australia.

2.     Click Export ATO Format.

(ii)            CSV file

Click Export CSV to generate a report for your own review.

For example, you could use this to help you complete the ATO's paper-based Taxable Payments Annual Report (ATO website).

You can't submit the CSV file to the ATO.

Need Help? - Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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