rmsztarfor tax purposes, if an entity owes a personal services...

rmsztar

for tax purposes, if an entity owes a personal services contractor money and pays the money on 30 June so 30 June is shown in the contractors account but the contractor does not have access to the funds until 1 July, it is deemed the contractor received the funds (derived the income) on 1 July and therefore is assessable on that income on 1 July even though their account shows 30 June

this is because income for those that account on a cash basis is derived (assessable) when the income is received by them (rather than by when paid by another)

as I posted, imo, an investor is very careless if they pay by Bpay on the last day because it is simply not the done thing. it shows great inexperience

so far, you have not received on post of comradely on this forum

all the best with your legal fees and getting a return from them. imo, your legal fees will simply add to your accumulated capital losses

regards