Debtors are to be reviewed every 12months and an Allowance for Doubtful Debts is to be calculated at 5% of the final Debtors balance for the period (excluding GST and any Bad Debts written off).

  • Debtors are to be reviewed every 12months and an Allowance for Doubtful Debts is to be calculated at 5% of the final Debtors balance for the period (excluding GST and any Bad Debts written off).
  • Bad debts are to be written off when debts are deemed “bad”. For a debt to be “bad” it must satisfy either criteria below:
  • Uncollectable: the overdue debts procedure is followed, and the debtor is uncontactable, or bankrupt, or
  • Uneconomic to Recover: the amount of the debt is $1,000 or below.

Limitation period under Limitations of Actions Act 1958 (Vic) for debt recovery matters in Victoria – 6 years from date of debt

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