I have been trying to figure this out and I am not sure if it is an issue with not seeing the dorset for the trees but I am trying to create a transparent hole in an shape object. I have one circle shape with a smart object clipping mask over it. I then have a gradient layer over that and a solid circle shape in white over that, I want to punch through both under layers in order to have a transparent background in the middle of the base shape layer.

I hope that made sense. The only way I can figure to do this is saving the image as a PNG and selection tooling the white centre out. Is their any way to get that white centre to be transparent on all layers and still keeping a .psd file with all layers as they are? I have tried a stroke layer but this does not work as the max for the stroke is 250 and my working image is far to large for that.

I included a rough copy of something similar to what I am working on as a guide.