Garret Branson conducts a business as a psychologist. He is not a SBE taxpayer. Calculate the
Question:
Garret Branson conducts a business as a psychologist. He is not a SBE taxpayer.
Calculate the maximum decline in value deduction for 2019/20 for each item (including if within the low value pool).
Low Value Pool | Opening Balance 1/7/2019 | Decline in value | |||||
Commenced 1 July 2012 | 1400 |
Answer for part 1
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Held on 30 June 2019 (all acquired after 10 May 2006) | |||||||
Asset | Cost ($) | Adjustable Value at 30/6/19 ($) | Effective Life Years | Depreciation Method |
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Couch | 5800 | 300 | 7 | Prime Cost |
Answer for part 2
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Professional Library | 3900 | 1250 | 7 | Diminishing Value |
Answer for part 3
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Computer | 2800 | 920 | 4 | Prime Cost |
Answer for part 4
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Desk and Chairs | 5100 | 2000 | 7 | Prime Cost |
Answer for part 5
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Stereo System | 3300 | 740 | 8 | Diminishing Value |
Answer for part 6
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Acquired during 2019/20 | |||||||
Asset | Cost ($) | Date of Purchase | Effective Life Years |
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Wall unit | 800 | 31/10/19 | 5 |
Answer for part 7
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Microwave Oven | 540 | 1/3/20 | 3 |
Answer for part 8
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Laptop Computer | 5200 | 31/5/20 | 3 |
Answer for part 9
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Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill