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Bad debt relief  Empty Bad debt relief

Post by emhan on 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.


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Bad debt relief  Empty Re: Bad debt relief

Post by joseph on 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).


Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.


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