• Prepaid expenses - taxpayers carrying on a business, other than small business entity taxpayers

    Overview

    The prepayment rules determine how much you can claim in an income year for certain prepaid expenses. This fact sheet explains the general prepayment rules for taxpayers carrying on a business, other than small business entities, with deductible business expenditure.

    Broadly, a 'small business entity' is an individual, partnership, company or trust carrying on a business and which has an aggregated turnover of less than $2 million.

      Last modified: 25 Jun 2008QC 16667