A and B Car Detailers is a small business entity and has advised you that it has paid the following in the year ended 30 June 2020:
· $40,000 in workers compensation insurance premiums for the next 12 months until 30 June 2021
· $80,000 prepaid 2021 wages
· $900 in advertising expenses for a campaign to in July 2020
How much, if any, of these prepaid expenses can the business claim in the year ended 30 June 2020?

Question

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The Answer of A and B Car Detailers is a small business entity and has advised you that it has paid the following in the year ended 30 June 2020:
· $40,000 in workers compensation insurance premiums for the next 12 months until 30 June 2021
· $80,000 prepaid 2021 wages
· $900 in advertising expenses for a campaign to in July 2020
How much, if any, of these prepaid expenses can the business claim in the year ended 30 June 2020?

A and B Car Detailers Is a Small Business Entity