Quick question on what happens in this sceanrio:
Say I was given quote for insurance on 25th June and 14 days to pay it. So, Invoice says 25th June of $100. However, if i pay in July. Then can i claim in next financial year or would it need to be part of current financial year claim.
I know people will say ask your accountant, etc. Yes i will. However, as a quick community check given lots of people manage businesses and do their own tax. Just wanted to get quick feedback.
Actually this is just for personal tax return question. Specifically claiming on landlord insurance on investment property
Quote or invoice to pay, you should have a receipt after you pay, right? So date of receipt
Yeah. Thanks for that
ah, if you want to clarify if your personal situation would substantiate a cash vs accruals basis.. ask your accountant
Had similar like my water bill rates were invoiced in June but paid in July, my accountant said that it will go based on July
Thanks
If your business operates on a cash basis, July. If an accruals basis, June.