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AU Tax - Withholding tax on interest income for foreign resident entities

Create a tax code/rate which we can apply to interest income to withhold 10% tax for foreign resident entities and this amount is automatically populated to the Activity Statement at item W3.

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Allysa Chan shared this idea  ·   ·  Report…  ·  Admin →
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Gaining Support  ·  AdminDavina Roper (Admin, Xero) responded  · 

🌟 Thanks for sharing your feedback on this idea. We appreciate the time taken to do so. The community team has reviewed this idea and moved it to Gaining Support. This means the idea is now open for community support through votes and comments. If this could benefit your workflow, please add your vote and share any extra context about how you’re currently managing this process—your input helps us understand the broader impact and priority of ideas like this one. 🌟

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  • Louie Bagherloei commented  ·   ·  Report

    Currently there is no function in XPM to calculate the tax payable on the interest paid to a foreign resident. This causes the tax calculations not be correct.

  • Walidad Ali commented  ·   ·  Report

    Is this specific to a country? I can use the same feature for US clients. It will be useful to file tax returns directly with the IRS from within Xero.