Prepaid Owners Corp fees - tax deductible this year ?

[paddycal]

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

 

[Paul@PFI]

Deduct when paid.