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

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

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  1. property_geek

    property_geek Well-Known Member

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    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
     
    property_geek, 21st Aug, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Date when paid
     
    Terry_w, 21st Aug, 2016
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  3. property_geek

    property_geek Well-Known Member

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    property_geek, 21st Aug, 2016
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  4. Daniel Taborsky

    Daniel Taborsky Well-Known Member

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    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.
     
    Daniel Taborsky, 21st Aug, 2016
    #4