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Bill usage previous FY paid current FY. Can I claim full deduction in current FY?

Discussion in 'Accounting & Tax' started by Ravi, 21st Aug, 2016.

  1. Ravi

    Ravi Active Member

    Joined:
    31st Jul, 2015
    Posts:
    40
    Location:
    Sydney
    Hi,

    I have an IP where I pay gas bill. From my payment history I can see I have a bill that for time period
    29 May 2015 to 06 Jul 2015 and due date 07 Oct 2015.

    As you can see usage is from partially previous FY(2014-15) and current FY. I paid full amount in current FY (2015-16).

    Can I claim deduction for full amount in current year(2015-16) tax calculation?

    Thanks,
    Ravi
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Date when paid
     
  3. Ravi

    Ravi Active Member

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    31st Jul, 2015
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    Location:
    Sydney
  4. Daniel Taborsky

    Daniel Taborsky Well-Known Member Premium Member

    Joined:
    10th Nov, 2015
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    Location:
    Perth, WA
    I think the 2015-16 year is correct, but I think the date when the bill was issued is when it was incurred (and therefore deductible). An expense can incurred even though it hasn't been paid.