Anita is a real estate agent in the Eastern suburbs of Sydney. She purchased a new...
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Anita is a real estate agent in the Eastern suburbs of Sydney. She purchased a new car (2,800cc) for $82,300 on 1st November 2022 which she plans on using partly for business purposes. To substantiate this she kept a logbook for the required 12 consecutive weeks which disclosed the following: Transporting potential buyers to properties for sale Driving between the office and home Private use on weekends and holidays The odometer reading on 30th June 2022 showed a total of 16,200 kms. 6318kms 1052kms (+ 3430kms 10,800 Anita also kept records and receipts of the following motor vehicle expenses relating to the car. Petrol and oil $2,400 Car washes $720 Registration and insurance $1,740 Parking (work related) $260 $ 120 Tolls (work related) The effective life of the car is estimated to be 8 years. Required: Determine all allowable deductions available to Anita for the year ended 30 June 2023. Show workings for all available motor vehicle substantiation methods. Anita is a real estate agent in the Eastern suburbs of Sydney. She purchased a new car (2,800cc) for $82,300 on 1st November 2022 which she plans on using partly for business purposes. To substantiate this she kept a logbook for the required 12 consecutive weeks which disclosed the following: Transporting potential buyers to properties for sale Driving between the office and home Private use on weekends and holidays The odometer reading on 30th June 2022 showed a total of 16,200 kms. 6318kms 1052kms (+ 3430kms 10,800 Anita also kept records and receipts of the following motor vehicle expenses relating to the car. Petrol and oil $2,400 Car washes $720 Registration and insurance $1,740 Parking (work related) $260 $ 120 Tolls (work related) The effective life of the car is estimated to be 8 years. Required: Determine all allowable deductions available to Anita for the year ended 30 June 2023. Show workings for all available motor vehicle substantiation methods.
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Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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