Andrew works as a sales and marketing consultant for Hisense Australia. As part of his work, he purchased a Mercedes van on $1$ January $2022$ for $$60,000.$ The vehicle has an effective life of $8$ years and is used $50\%$ for business purposes.

Required:

Calculate the depreciation allowable in relation to the vehicle for the year ended $30$ June $2023.$ Use the Diminishing Value Method.

$($based on australia taxation law$)$

Answer rating: 100% (QA)

Given Cost of vehicle 60000 Salvage value assumed 0 after 8 years Us... View the full answer