Withholding tax reporting
Taxpayers must submit a report to the tax authorities of the vendors that have received payments and the tax withholding that was performed. Typically, these vendors are classified by vendor type and transaction type. Taxpayers must also provide each vendor with a report or letter confirming the tax that has been withheld in the period.
Australia specifics
The Australian requirement is to report monthly the amount deducted and gross value on the GST return.
A Taxable Payments Annual Report (TPAR) must be submitted annually by 28 August if a business is providing these services or is a government entity:
- Building and construction services
- Cleaning services
- Courier services
- Road freight services
- Information technology (IT) services
- Security, investigation, or surveillance services
The TPAR shows the details of payments that are made to contractors for providing services. Some government entities also must report the receipt of grant money in a TPAR.
How Infor meets this requirement
- Accounting Entity
- Accounting Chart
- Financial Calendar
- Supplier Party Master BODs
When the supplier invoice payment is complete, the FSM_ION_SyncPayableTracker_Outbound BOD is transmitted to LSP. You can then generate the TPAR from the transmitted BODs.
| Field | Values |
|---|---|
| Default Code | T-Test or P-Production |
| Withholding Tax Reporting Translation Maintenance | NT-northern territory or NSW-New South Wales |
| Tax Code Translation | GST-10% |
Use these BODs to generate the TPAR:
- FSM_ION_SyncAccountingChart_Outbound
- FSM_ION_SyncAccountingEntity_Outbound
- FSM_ION_SyncFinancialCalendar_Outbound
- FSM_ION_SyncPayableTracker_Outbound
- FSM_ION_SyncSupplierPartyMaster_Outbound
For Australia, FSM is supporting AU TPAR format. Australia - Withholding Tax Reporting subscription is a requirement. See the Infor Localization Services User and Administration Library (Cloud and On-premises) and select .