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Bad debt relief

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Bad debt relief  Empty Bad debt relief

Post by emhan Mon Mar 09, 2015 10:10 am

Hi, i wish to check on bad debt relief on debtor.

In the Guide on Tax Invoice and Records Keeping as at 20/7/14, it says in order to support bad debt claims :-
- To have records showing that you have accounted for and paid the tax;
- Records of debtor aging list showing that not paid within 6 months from date of supply and ACCOUNTED AS BAD DEBT IN ACCOUNTs.
- Other sufficient efforts taken to recover the debts.

Does this mean that for claiming bad debt relief, we must account as bad debt written off in the account plus to do some effort to recover debt?

Thank you.

emhan

Posts : 20
Join date : 2015-02-24

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Bad debt relief  Empty Re: Bad debt relief

Post by joseph Mon Mar 09, 2015 10:46 pm

Regulation 73 of the GST Regulations 2014 (evidence required to support bad debt claim) does not require the bad debt to be written off, as long as records or documents are available to show sufficient efforts have been made to recover the debt.

Ignore the guides and follow the regulation (regulation is the law).

joseph

Posts : 277
Join date : 2014-09-25

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