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Comments on Draft Ruling GSTR 2000/D5: Goods and Services Tax: Accounting on a cash basis

Published on 01 May 00 by THE TAX INSTITUTE

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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