If you earn schedular payment income your client or recruitment agency might have requested that you include the withholding tax (WT) amount on your invoices.
To add withholding tax to your invoices:
Go to Clients in the main menu
Click the client name or add a new client
Enable Show withholding tax (WT) on invoices
Enter your WT percentage for the client.
If you're unsure what the withholding tax percentage is, check with your client.
Note: Any invoices for the client that already have a status of 'Sent' or 'Paid' will not be effected when you enable withholding tax or change the withholding tax rate.
Now when you create a new invoice for that client, the withholding tax amount will automatically be calculated on the invoice.
Note: The withholding tax amount is calculated based on the invoice subtotal (before GST), not the invoice total. The amount due is the subtotal minus withholding tax plus GST.
Tracking your schedular payment income
Tracking your schedular payment income to Solo is easy. Simply connect your IRD account by going to the Income > Pre-taxed income page. This will sync your schedular payment income into Solo (and any withholding tax that's been paid) and automatically include it in Solo's calculations. You don't need to categorise any bank transactions to add your schedular payment income to Solo.