Hi
I've owned an IP since Dec 2013 and it has been rented out since then, so it's been earning income.
I've just received my Owners Corp Fee notice for the term 1/7/2014 - 1/7/2015
so it's only for a 12 month period.
If i pay this within the next 2 weeks , can i claim this in this years tax return as a pre-paid expense ?
I know that some other expenses can be pre-paid and claimed , but i'm not sure if there's some special setup required.
thanks
Patrick
I've owned an IP since Dec 2013 and it has been rented out since then, so it's been earning income.
I've just received my Owners Corp Fee notice for the term 1/7/2014 - 1/7/2015
so it's only for a 12 month period.
If i pay this within the next 2 weeks , can i claim this in this years tax return as a pre-paid expense ?
I know that some other expenses can be pre-paid and claimed , but i'm not sure if there's some special setup required.
thanks
Patrick