Tax Aspects Of Writing Off Or Forgiving Debts 2022 | Institute of Public Accountants (IPA) | 29 March 2022 | Webinar
Venue
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| Event Date |
Wed Mar 30 UTC (over 2 years ago)
In your timezone (EST): Tue Mar 29 8:00pm - Tue Mar 29 8:00pm |
| Location | Webinar |
| Region | All |
Details
Where debts occur in the normal course of carrying on a business and prove uncollectable a deduction can generally be claimed for those debts, including losses by theft and misappropriation.
An area of significant interest to small businesses is determining what happens when an entity forgives a debt that was lent on a capital account and it subsequently turns bad or uncollectable and as a result, is written off. The main area of interest in this respect are commercial debts.
This session explores the extent to which a deduction can be claimed for bad debts that arise in the ordinary course of business. The identification of commercial debts will be considered in significant depth and the consequences of forgiving those debts will be determined and evaluated.
Speakers
2022 Speaker
Tom Delany
Principal, Tax Partner Pty Ltd