Paying 1 Year Building & Landlord Insurance This Financial Year

Hi All,

Pretty sure I've read the answer to this but can not find it.

If I pay 1 years building & landlord insurance before the end of the month can I claim it in this financial year?

Thanks.
 
Lacking some details so I will qualify what I say:

If you have acquired the IP in a prior year and its rented and earning income you are asking about a prepaid expense? If so its deductible when paid not the period of insurance etc. Prepaid expenses are deductible at the time paid providing the period doesnt exceed 12 months. Just make sure next year you do same or next year will have no deduction.

If you havent yet settled you will claim it in the following year when it is rented. ie Deduction is deferred.
 
Thanks for that info,

I have owned the property for years.
It has been rented for years.
I've just been paying insurance monthly and then claim at tax time.

I have just thought about paying for the whole year as sometimes it can be cheaper paying in one whole go instead of monthly.
 
CommInsure if you paid by monthly there is no additional charge, one reason for me with go with them, plus the extra discount is you're on MAV package.
 
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