QuickBooks 2012/13 and the Taxable Payments Report for the Building and Construction Industry

Legacy KB ID: 4566

Question

Does QuickBooks 2012/13 create a Taxable Payments Report for the Building and Construction Industry that I need to submit from FY 2012/13?

Answer

The Taxable Payments Report for the Building and Construction Industry is a new requirement that commences on the 1st July 2012.  The first submission is due in July 2013 for the financial year 2012/13.

 

QuickBooks 2012/13 does not contain a Taxable Payments Report for the Building and Construction Industry.  However, QuickBooks 2013/14, to be released in April 2013, will have this report.

 

This year you will need to prepare your file to produce this report in QuickBooks 2012/13.

 

What you need to do this financial year (2012/13)

 

Click this link for a guide to prepare for the Taxable Payments Report: 

https://library.reckon.com.au/library/pdf/Taxable_Payments_Annual_Report_Info_Sheet.pdf

 

To ensure your data will be captured for this report you must have the following Mandatory fields in QuickBooks complete:

 

a.    Company Information – Company > Company Information >

 

·         Tax Rego ID

·         Branch Number

·         Legal Name

·         Contact

·         Phone #

·         Legal Address

·         City

·         State

·         Postcode

 

b.    Supplier Information – Supplier Record >

 

·         Company Name

·         Last Name

·         First Name

·         Address

·         City

·         State

·         Postcode

·         Tax Reg ID

 

The following information will be reported:

 

a.    Gross Amount Paid (dollars)

 

b.    Total GST (dollars)

 

c.    Total Tax Withheld – when ABN is not quoted (dollars)

 

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