Processing an ETP for FY 2012-13 in QuickBooks 2012/13

Legacy KB ID: 4696

Question

How do I process an ETP payment in QuickBooks 2012/13

Answer

****** For Accounts Business 2013R2, refer to KB5025:  https://kb.reckon.com.au/issue_view.asp?ID=5025   ******


ETPs are subject to preferential treatments and tax concessions and may be changed at any time. Each individual payment will be unique and may vary over time. Users should consult their Tax Accountants for direction and assistance in preparing ETPs.

At a minimum, users should make themselves familiar with the following ATO publications (and any other subsequent relevant publications and updates):

  • NAT 71043 – 05.2008: Eligible termination payments – guide for employers
  • NAT 70996-07.2012:  How to complete the PAYG payment summary – employment termination payment
  • NAT 70980–06.2012: Tax table for Employment Termination Payment

ETPs should not be confused with Redundancy and Retrenchment payouts. Some of these payments may include ETPs, but in the majority of cases these payouts will involve Lump Sum A, B, C and D payments that appear on the INB Payment Summary.

 

Click this link: https://quicken.com.au//library/doc/books_ETP_for_FY12-13_in_QB12-13.pdf for full instructions on processing an ETP in QuickBooks 2012/13

 

The way Eligible Termination Payments (ETPs) are handled in QuickBooks 2012/13 is different to previous editions.  Also, there were changes made to ETP payments after the 2012/13 Tax Table was finalised, so QuickBooks 2012/13 does not produce a compliant ETP Payment Summary.  The above article is relevant only for QuickBooks 2012/13 and will show you how to process ETPs according to the latest rules. 

 

If you are using an earlier version of QuickBooks, you should refer to our earlier guide on ETPs at:  https://library.reckon.com.au/library/pdf/ETPinQBi.pdf and make manual adjustments for changes to the ETP payment system made since that QuickBooks version was released. 

 

How did we do?

Related Articles

Powered by HelpDocs (opens in a new tab)

Powered by HelpDocs (opens in a new tab)