This publication is for individuals who have prepaid a deductible expense for things to be done within 13 months and which will be done in whole or in part after the income year in which the expenditure was incurred.
It has been prepared to help you complete item P10 on your 2001 business and professional items schedule. It covers:
- the 13 month prepayment measure including the transitional rules
- how to complete A, B and C item P10 on the 2001 business and professional items schedule. The information to be shown at item P10 relates only to the 13 month prepayment measure and not to tax shelter prepayments
- the tax shelter prepayment rules
- how to work out your deduction for the 2000-01 income year.
Note: These instructions apply to individuals who have a 1 July-30 June income year. If you have a substituted accounting period (SAP), ring the Personal Tax Infoline on 13 28 61 for assistance to complete your schedule.