Jon commenced business on 1 July 2021, operating a retail food outlet. His business meets the criteria for a small business entity and has supplied the following data:

Total shop rental payments during 2021/22 $300,000 ($20,000 per month)

Balance of rent paid in advance as at 30 June 2022 $60,000

Total insurance premium payments during 2021/22 $72,000 ($4,000 per month)

Balance of Insurance Paid in Advance at 30 June 2022 $24,000

Prepayment of 3 Year Equipment Lease $360,000 ($10,000 per month)

Balance of Lease Payment in Advance as at 30 June 2022 $240,000

24 months