Example - Prepaid expenditure Ray Santos operates a toy shop on an accrual basis for tax purposes.

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Example - Prepaid expenditure Ray Santos operates a toy shop on an accrual basis for tax purposes. Ray is a resident taxpayer. During the 2022/23 tax year the following amounts were paid in advance by Ray: Expense Eligible service period Amount ($) Long service leave for an employee 1 June 2023 - 1 September 2023 30,000 Security monitoring fees 1 July 2023 - 1 September 2023 800 Retail buying group levies 1 May 2023 - 1 May 2024 24,000 Calculate the deductible amounts from these outgoings for the 2023 income year

Posted Date: May 19, 2024 04:06 AM

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Example - Prepaid expenditure Ray Santos operates a toy shop on an accrual basis for tax purposes.

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