A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year which will reduce overall taxable income in the current year. When prepaying expenses before 1 July 2019, ensure that any service being paid for are to be provided within a 12 month period that ends before 1 July 2020. Otherwise, the deductions must generally be claimed proportionately over the period of the prepayment.

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[Originally posted on the OakWealth Blog.]