Coogee126Participant@coogee126Join Date: 2009Post Count: 51
hi there gurus.
need your help again.
Do you know how long i can prepay the property cost per financial year?
there are quite a few landlords insurance bill due in Sept.. which will be costing me few thousand dollars.. I hit myself in the forehead not foreeseen this and thinking , i should have pay it before 1 july then i can get half of those back to buy shoes ( just kidding)
======If you prepaid a rental property expense, such as insurance or interest on money borrowed, that covers a period of 12 months or less and the period ends on or before 30 June 2017, you can claim an immediate deduction. Otherwise, your deduction may have to be spread over two or more years under the prepayment rules if the expense is $1,000 or more. See the publication Deductions for prepaid expenses=======
my understanding for the above says , you can claim fees in advance but only up till next financial year… and
and what is that 1000 limit is about ? is this a single item expense, ie. strata 1000 , insruance 1000, council 1000 , water 1000 limit Or it is a combined 1000 ?
thanks very much !!!TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
You can only pay up to 12 months worth and claim it this year.
But you can only claim if you have incurred the expense. You would need to be invoiced from your insurer.Coogee126Participant@coogee126Join Date: 2009Post Count: 51
yep… okies.. thanks very much.. Terry !
that’s the same as my understanding…