We have had quite a few issues with the Taxable Payments Annual Report that is due only once a year. Mailny to do with Entity v Trading/Names on invoices. THe ATO require the Entity name and we mainl...
Building Construction Industry
After the Taxable Payments Reporting at EOFY 2013, I had an ATO representative visit my office to clarify further the names and abn of subcontractors
This was due to setting up the supplier card as a subcontractor using their trading name and not registered name i.e. Astro Fabrications as a company NOT Astro Fabrications Trustee For The Wilson Family Trust, which does not fit in the allocated characters
ATO Rep suggested when creating supplier cards to nominate the 'Designation' Field as an Individual not a company. To then allow for the 'Last Name' as ' Astro Fabrsications Trustee for' then 'The Wilson Family Trust' still this does not fit in the allocated characters.
This is difficult when needing to search/find transactions with the supplier cards under different names
With this EOFY 2014 approaching and it being a mandatory reporting process resulting in fines for incorrect data or not reporting, I would of thought this topic would of come up and MYOB made adjustments to the Supplier Card Data Fields, so the ATO and can source the correct details without coming to my office and fining our company through no fault of ours, because they can not put 2 and 2 together.
