For the transactions below, discuss what deductions are available for the 2020-21 tax year. Jill is a sole trader who runs a clothing retail business that has an aggregated turnover of approximately $3 million a year. This business has 2 stores, the first of which is owned by Jill as a business asset, the second of which is rented by her. She incurs the following expenses on 1 June 2021:

$4800 for an insurance policy (for the first store premises, which she owns) that commences on 1 June 2021 and runs till 30 September 2022.

$3000 in prepaid rent (for the second store premises) covering the period 1 June 2021 till 30 April 2022.