Businesses in the building or construction industry that pay contractors might need to report these payments to the ATO by submitting a Taxable Payments Annual Report (TPAR).
This helps to ensure contractors accurately report their income and prevents under-reporting.
How to enable Taxable Payment Annual Report in Reckon Accounts
1: Open theĀ EditĀ menu, selectĀ Preferences, and then chooseĀ Tax.
2: Navigate to theĀ Company PreferencesĀ tab.
3: Check the box forĀ Enable Taxable Payment Reporting.
4: ClickĀ OKĀ to save the changes.
How to include Suppliers in the TPAR
1: Navigate to the Supplier Centre.
2: Double-click on the supplierās name.
3: Check the box for Include in Taxable Payments Electronic Report.
4: Click OK to confirm.
How to create a Taxable Payment Annual report:
1: Go to theĀ SuppliersĀ menu, selectĀ Tax Activities, and then clickĀ Process Taxable Payments.
2: Use theĀ Tax YearĀ drop-down menu to select the tax year you are reporting on.
3: If applicable, use theĀ Withholding Liability AccountĀ drop-down menu to select the account you use to track withholding tax.
4: Tick to select the suppliers you want to include in the report for the selected tax year.
5: Click on a supplier to view the transactions included in the report for that supplier.
6: Review each transaction and deselect any you do not want to include.
7: ClickĀ ExportĀ to save the report to desire location.
š The default location when the file is saved is set to \ProgramData\Intuit\Reckon Accounts XXXX<level> XXXX<Company Name>\Export Files\Tax Payment Reports.
I hope this helps you understand how to create a Taxable Payments Annual Report (TPAR) in Reckon Accounts.š
