Withholding tax - no withholding for invoices $75 or less
As part of the Australian tax regulations, we do not need to withhold tax if an invoice is $75 or less.
Just wondering how other companies are doing this (or something similar)? We are on R12.
I am trying the WT ranges based on invoice amount but no luck with that.
If I put a range of 0 - 75 with 0% and then apply a rate (46.5%) for $75 onwards, the system does not calcultae WT for the FIRST $75 and then calculates tax for the remaining amount. I asume this is std functionality. We want it to calculate tax for the full invoice amount if the invoice is > 75. I tried just putting a single line where the 'from' is 75 and putting the rate but in this case no WT is calculated and it goes on a WT range hold.