BUSINESS LAW – Your client is a small consulting firm consisting

Your client is a small consulting firm consisting of a husband and wife as principals, plus2 employees from the time the business was established on 1/7/2009 the business hasbeen accounting for tax purposes on a cash basis. For 2013/14 your client has decidesto account on an accruals basis as the business is starting to grow quickly. In theincome year end 30/6/2013 it received $40,000 from an account billed in the 2012/13income year. Must this amount included in the 2014 income year. Would your answer bedifferent if your client had deliberately told the customer not to pay it account until after30/6/2013? If your client is required to pay interest on a loan that was used in abusiness that was sold last year, are they still entitled to claim a deduction for theinterest expense even though they are not able to match the expense to the derivationof assessable income from the business?

 

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