Skip to content
Beautiful accounting software

Blog

See all posts

Taxable Payments Annual Reporting for Australia

7 comments

Published in Company News on 28 June 2012 by

The ATO have a new reporting requirement for businesses in the building and construction industry. These businesses will need to report to the ATO the total payments they make to each contractor for building and construction services each year. The first report is due from 21 July 2013 for reportable payments made to contractors from 1 July 2012. For all the details, head on over to the ATO website.

Xero will make it easy to generate the report in time for your reporting obligations next year – all you have to do is use dedicated accounts when creating relevant spend money or accounts payable transactions. You may already have account codes for assigning contractor expenses, if not you can easily create one. For example, you could create an account called “476 – Contractors – Reportable Payments”.

Xero will use these codes and a new flag that you’ll be able to add to contacts to drive a new report that we’ll release in time for July 2013.

Easy as that.

 

Like this? Please Share.

Read more about Company News

 

7 comments

Gillian Rossouw
28 June 2012 #

This is fantastic news thank you Xero. Have had 3 building firms sign up to Xero in as many days, simply because their accountants have been proactive advising their clients of new compliance and reporting requirements.

Susie
28 June 2012 #

Thank you Xero! I knew you would have a solution.

Jenny Callaghan
10 March 2013 #

Thanks Tim- will it be possible just to flag by contacts rather than set up new account codes? ie we’d like to flag ABC Electrical Pty Ltd but continue to allocate ABC Electrical invoices to the Electrical account (which will also have other (non reportable) expenses allocated to it).
If not- Will we need to amend our accounts to Electrical – reportable and Electrical – non reportable ? Plumbing- reportable and Plumbing- not reportable? etc…
Would be much easier to just flag by contact!

Tim Wright
19 March 2013 #

Hi @Jenny – Yes! you’ll be able to choose to create the report based on combinations of contact groups and account codes (all or selected) in the report filters.
You’ll also be able to drill down into the total for a contact being included in the report to review the transactions and exclude any as required.

Kimberlee French
18 April 2013 #

Hi this is fantastic news. I’m just wondering if a release date has been scheduled for this report?

Nicole Wise
3 May 2013 #

Hi. I am unable to see the “flag” in the edit contact area. Help?

Tim Wright
3 May 2013 #

@Kimberlee We’re actively developing the report and you’ll have it in time for the first report lodgement due dates.

@Nicole We’re looking to give you the ability to create the report based on combinations of contact groups and account codes (all or selected) in the report filters.
You can easily create a contact group in Xero. Heres a Help Centre link for creating contact groups: http://help.xero.com/#Contacts$BK_ContactGroup

Add your comment





We welcome all feedback but prefer a real name and email address.

 
Do more with Xero
Partner with Xero
Get the Fact Sheet
Our Story