I use cash-based accounting. If I pay for a tax-deductible expense with a credit card, what date does the expense become deductible: the date of the purchase or the date the CC bill is paid?
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Hi @SteveB00
In the cash accounting system, Credit card transactions are considered to be cash transactions.
Therefore the expense date is the date you pay with your credit card.
Further discussion at https://community.ato.gov.au/s/question/a0J9s0000001AJq/p00015973
Toby
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Hi @SteveB00
In the cash accounting system, Credit card transactions are considered to be cash transactions.
Therefore the expense date is the date you pay with your credit card.
Further discussion at https://community.ato.gov.au/s/question/a0J9s0000001AJq/p00015973
Toby
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