What can i prepay 2009-2010?

Can I prepay rates for 2010-2011 and claim this deduction for investment properties.
What happens if during the prepaid year the rental property reverts to a non rental property?

My belief is I don't need to do anything to adjust my 2009-2010 tax

Can I still prepay land tax in Qld?
I have been told by a colleague that this option no longer is possible, which seems a bit odd.

My taxable income will be very severely reduced after June 30,2010 so I want to deduct as much as I can against my present income of 2009-2010.

Apart from prepaying interest on my fixed mortgage rental property what other options are there?
thanks in advance
 
Can I prepay rates for 2010-2011 and claim this deduction for investment properties.
YES ,you can. We did pre-pay interest in advance for 2 years. We only did it in anticipation of lower income in the subsequent years eg you go part time next year/go on leave without pay/go back to school

What happens if during the prepaid year the rental property reverts to a non rental property?
Nothing you have no interest to claim.

As for others, we did not use/explore but will love to find out if others have done more.
 
I have prepaid rates and land tax. Land tax people did tell me that it is not done, but because I had already done it in the previous years, I was allowed to prepay again. I did have some trouble organising it, and had to really press my case, and because of our tax situation, I found that this prepayment really confused things with our accountant. I cannot remember the details, but it did cause some to and fro-ing with the accountant, and I don't plan on prepaying land tax again.

One thing I did was cancel my insurances on a couple of houses which were due in July or August (got a pro-rata refund less the small amount of stamp duty remaining) and started the policies in June so that I could claim them too.

And, we fix and prepay whatever loans we choose in order to bring more expenses into the earlier financial year, but you really need to get this organised by early May to give the bank's time to sort the documentation out.
 
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