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PUB00231: Income Tax - Timing - When is income from professional services derived?
This Interpretation Statement discusses general principles about when professionals can account for their income on a cash accounting basis and when they must use the accrual accounting basis. It also explains what it means for income to be "earned", which may potentially be earlier than when a payment is received. This statement addresses the specific fact situations of doctors, directors and barristers, and when it may be acceptable to return income on a cash basis. The Interpretation Statement also explains how to change between the accounting bases (for example if the person has been using the wrong accounting basis).
Comment deadline: 22 September 2016
PUB00231 - PDF format (305KB | 16 pages)
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