Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
I am trying to understand the eligibility of claiming prepaid costs for an investment property beyond the examples on the ATO website. Can I pay a property cost prior to being invoiced so I am in credit next FY?
As an example we get charged council rates quarterly (~$320/qtr). Can I pay the next 4 quarters before June 30? If so what evidence is needed to support this - is the payment & receipt sufficient or is an invoice for the amount required?