Businesses which have the benefit of large amounts of available capital should determine if any payments can be made in advance to take advantage of deductions in the current tax year.
But Chris Hope, partner at Pitcher Partners, warns that prepaid expenditures usually don't qualify for deductions unless they are less than $1000; are required to be paid by law; are part of salary or wages; and cover a period of less than 12 months.
But paying interest in advance for income-producing activities, such as rental properties, may allow you to qualify for deductions if paid before 30 June.