Prepaying expenses up to 12 months ahead are allowed as a deduction in the earlier year. In this case 2014.
Prepaying expenses increases your deductions, reducing your tax.
Most people prepay the following types of expenses
– Rates – Council & water
– Body Corporate Fees
– Bring forward Maintenance (ie) repaint,
Before prepaying deductible property expenses, it is wise to check on how your tax position may look for that financial year.
If you have investment properties – which are negatively geared (the interest and expenses are larger than the rental income)