Claiming two years of landlords insurance in one financial year

Am I right in my assumption that if you have the tax invoice date of a landlords insurance policy started in July/Aug 2017 and have the renewal notice for that policy was sent recently and dated June 2018, we are able to claim both year's policies this financial year? It also doesn't matter if we pay the renewal policy in July, what matters is the tax invoice date.

 

You can only claim an expense that is incurred. If you have an invoice then you probably have incurred it so can claim it.

 

My understanding is that its based on when paid not the invoice date as the expense is not incurred until paid per above. So you would be able to claim both if both paid in FY18.

 

BOTH must be paid within the twelve months eg one is paid on 01 July 2017 and other paid 29 June 2018.

However if the latter payment is prepaid more than 12mths in advance it would NOT be deductible in full

 

Thanks Dave and Paul for clarifying as I have been wondering the exact same thing. I didn't know if I could make the 2 payments within the same year and claim them as per your example Paul

 

Provided the insurer issues the policy docs before 30 June 2018 and its also paid before then...no problem