18.8 Contractor Payment Report (18050m)

Also includes Withholding Reporting.

In July 2012, Contractors will be required to report all contractor payments for the financial year 1 July to 30 June.       Note:  This report is for Payments made (not accrual of invoices).

There are 3 values reported:

• Total Payment (value of cheques written in the year)
• GST included in payment
• Tax Withheld and remitted to the Tax Office "No ABN" or voluntarily withheld

This report is run approx. 15th July YY to collect the data and create the return, which will be forwarded through the SBR Gateway.

With Muli, only transactions posted through Projects, not Overheads, will be reported, unless they contain Withholding Tax.  There may be a flag on the ORGS "not to report".

For companies like Bunnings, one organisation may be reported more than once where Subcontractors are entered with different Codes, ie: different States).

This process is driven by a flag on the AP record.

Note: Where non-cash services have been provided, you will be required to complete a separate return to the Tax Office and we are advised by the Tax Office their own systems will consolidate the two returns.