So being a PTY LTD company in Australia, I have to pay a flat rate of 28.5% tax to the tax-man at the end of the financial period.
I’m looking to find a way that I can automatically send 28.5% of each invoice I receive funds from to a Tax Payable account to keep track of what I’m going to owe in tax at the end of the year. This is not to reflect on the customers invoice in any way and is purely a way for me to keep track of my own company finances at the end of the year.
I would have thought this is a basic functionality in keeping track of your business expenses and income?
Invoice is paid for by client
In the program I click Receive Money - Received in ‘Business Account’- Create
28.5% (or whatever the rate is in your country) of the money received is a liability that needs to appear as Tax Payable rather than the full 100% being reflected as available funds.
Or if this is already a thing can someone please explain how the heck you do it?