Institute of Certified Bookkeepers
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Call in of Bank Guarantee - GST implications

  • Member in Employment
  • 1 post
  • # 117810

We have had to recall a Bank Guarantee due to a commercial tenant going into liquidation - we have received the funds back from the bank.

When processing the receipt of this payment:

 Is it classified as rent payment or other revenue? Are there GST implcations?

The amount was $25,500 - Do I need to declare $2318 as being GST on the BAS or is it not reportable?

Thank you for any assistance.

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