Search results

You don't get an immediate deduction, you claim over time if the prepayment is $1000 or more. i.e. If it refers to a period more than 12 months OR ends after the next financial year then you must apportion deductions to the relevant years. Cheers, Rob

Prepaying 2 years, you are only *LEGALLY* allowed to deduct the first year's worth. As regards amending your return for a 1 year prepayment only partially used ... this is what the ATO would *LIKE* you to do. Cheers, Rob

Provided you did not have the intention to reoccupy the house, but to hold as a rental property, then there may be nothing in law that requires you to amend a prior return nor include any additional amount as income in this return. The ATO could argue that you had a mixed intention at the...