Gwyneth is a resident, individual small business taxpayer. As at 30 June 2017, she had a General

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Gwyneth is a resident, individual small business taxpayer. As at 30 June 2017, she had a General small business pool balance of $ 41,800.

During the year Gwyneth purchased an asset for $34,800 with an effective life of 5 years and another asset for $40,400with an effective life of 30 years.

There were no disposals during the year.

Required:

1. Calculate any amounts that are deductible for the 2017/18 tax year.

2. Calculate the closing balance of the asset pool.

Related Book For answer-question

Using Financial Accounting Information The Alternative to Debits and Credits

ISBN: 978-1337491471

10th edition

Authors: Gary A. Porter, Curtis L. Norton

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Posted Date: May 13, 2020 06:15 AM

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Gwyneth is a resident, individual small business taxpayer. As at 30 June 2017, she had a General

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1 Calculation of the Deduction Amount for the 201718 tax year Particulars Amount Pool deduction ... View the full answer

Using Financial Accounting Information The Alternative to Debits and Credits

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