Rent paid before EOFY

[twobobsworth]

Quick question as I'm muddled.

If tenant pays a months rent in advance late June. Is it included in that financial year or pro-rated??

 

[nonrecourse]

Normally it is declared in the year it was paid

 

[Jason Rose]

rent paid at end of financial year

It goes on when the rent(income) is actually paid to you.

So yes if the tenant pays in advance prior to the end of june the it is to be included in your income for that financial year.

 

[Boyler_Room]

As you'd be accounting on a cash basis, you would declare the income receive when you actually receive it. So in your case, it is included in that financial year, just as any outgoings would be accounted for when you actually pay them.

Make sense?

Cheers
BR