Thanks for all the great information that has been shared by everyone to date.
I moved out of my PPOR and rented it out and as a result for the 08/09 financial year have claimed deductions pro-rata for water rates, council rates and insurance.
In January next year (2010) I am thinking of moving back into my place. I "prepaid" water rates/council rates/insurance in 08/09 for the 09/10 financial year.
I know I am able to claim "prepaid" expenses this financial year for the next financial year, but if I do how do I make an adjustment in next years tax return for the period of time I live in the property next financial year?
I've looked through every page in the forum but haven't found anybody that has asked about this scenario.
I moved out of my PPOR and rented it out and as a result for the 08/09 financial year have claimed deductions pro-rata for water rates, council rates and insurance.
In January next year (2010) I am thinking of moving back into my place. I "prepaid" water rates/council rates/insurance in 08/09 for the 09/10 financial year.
I know I am able to claim "prepaid" expenses this financial year for the next financial year, but if I do how do I make an adjustment in next years tax return for the period of time I live in the property next financial year?
I've looked through every page in the forum but haven't found anybody that has asked about this scenario.