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Limits on the taxation advantges of prepayments

Publication date: 01 Jun 00 | Source: INVESTMENT & TAXATION BULLETIN

Issue: Vol 4, No 7

Pages: pp.69-76

Prepayments have provided an opportunity for entities to manage actual or anticipated liability to taxation. The prepayments of expenses can generate deductions or losses that can be used to shelter income. This article concerns measures precipitated by the desire to eliminate opportunities for tax minimisation - in particular, the operation of the 13 month rule, which permitted a deduction for expenses incurred in respect of services provided within 13 months of the date of incurring the expenditure.

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Author profile

Dr Nabil Orow CTA
Bill (Nabill) is a practicing member of the Victorian Bar who specialises in state and federal taxation law as well as trusts, succession, property and corporations law. He has published widely including a book on comparative anti avoidance rules published in the UK and a joint book with R Deutsch titled, Income Tax and GST Planning StrateDistributing to Corporate - Current at 23 July 2010
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