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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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