Joint Submission by the Institute of Chartered Accountants in Australia, the Taxation Institute Of Australia, CPA Australia and the Taxpayers Australia Inc. Comments on Draft Goods & Services Tax Ruling GSTR 2000/D5 Accounting on a cash basis. Generally we agree with the content of this Ruling subject to the following: 1. Paragraph 17 deals with the dishonoring of cheques and notes that they 'may' give rise to an adjustment event under Sec 19. It should also recognise that where a cheque is dishonored the amount can be treated as not having been received in the first instance.
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