Any part of an expense prepayment relating to the period up to 30 June is generally deductible.
In addition, non-SBE taxpayers may generally claim the following prepayments in full:
– expenditure under $1,000;
– expenditure made under a ‘contract of service’ (e.g., salary and wages); or
– expenditure required to be incurred under law.
Prepayments can be a little confusing, so before you commit to making a payment please feel free to call us with any queries or assistance if required.
