Insurance claim - this year or next year?

Discussion in 'Accounting & Tax' started by EN710, 4th Jul, 2017.

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  1. EN710

    EN710 Well-Known Member

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    Waiting for Tenant arrear and property damage payments at the moment. This will be costs incurred in 16/17 But the insurance payment is yet to arrive.

    Can I still include the payment in 16/17 tax return or will it need to be on 17/18?
     
    EN710, 4th Jul, 2017
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    If the amount is capable of being ascertained and relates to the 2016/17 period it may be 2017 income but under the cash rules for receipt of income it would be 2018 year income.
     
    Paul@PAS, 5th Jul, 2017
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  3. EN710

    EN710 Well-Known Member

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    Hmm...

    the settlement calculations referred back to the 16/17 period so I'll put it under 2017 for now ...
     
    EN710, 5th Jul, 2017
    #3
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