Deductions for prepaid expenses 2021

About this guide

Warning:

This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

Use this guide to work out deductions you can claim for expenses you incur for things to be done in a later income year.

Find out about:

• What is a prepaid expense?
• What are the prepayment rules?
• General deduction provisions and certain research and development provisions
• Investments in tax shelter arrangements
• Individual taxpayers incurring deductible non-business expenditure
• Small business entities still using the simplified tax system (STS) accounting method
• Taxpayers carrying on a business incurring deductible business expenditure
• Carrying on a business incurring deductible non-business expenditure