You can claim an immediate tax deduction for certain prepaid expenses if:

• you are a small business entity (or would be if the threshold for small business turnover was $50 million), or you are an individual claiming a deduction for non-business expenses and  
• the prepaid expense is for a period of 12 months or less, and
• the period finishes in the next financial year.

Prepayment example: 12-month rule