As of 1st July contractors and suppliers need to provide an ABN otherwise 47% withholding tax applies. How do we show that when entering their invoice?
As of 1st July contractors and suppliers need to provide an ABN otherwise 47% withholding tax applies. How do we show that when entering their invoice?
As of 1st July contractors and suppliers need to provide an ABN otherwise 47% withholding tax applies. How do we show that when entering their invoice?
Hi rosyln1,
Welcome to QuickBooks Community!
To ensure that the way you record the 47% withholding tax in QuickBooks is accurate and compliant, I would suggest reaching out to our QuickBooks Pro-Advisors, accounting and bookkeeping professionals and QuickBooks users who would be happy to assist you with this.
As of 1st July contractors and suppliers need to provide an ABN otherwise 47% withholding tax applies. How do we show that when entering their invoice?
I have the US version, but in this respect it should be the same
the supplier record should have a place to record the ABN number, then what I do is use the display name to show that I have that number on hand. For us it is 1099 reporting, so my vendors (suppliers) may look like this
1099 Davy Crockett guns Jim Bowie Knives
or for your set up
ABN Davey Crockett guns
Jim Bowie Knives
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