Joe's expenses related to this employment are as follows: He purchased a Mazda-6 on 1 July 2018,
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Joe's expenses related to this employment are as follows: | |
He purchased a Mazda-6 on 1 July 2018, for $40,000 including GST. He maintained a logbook for this car with details as shown below: | |
Opening odometer (01/07/18) - 830km | |
Closing odometer (30/06/19) - 49,630km | |
Total private travel - 10,070km | |
He had the following expenses: | |
Car loan interest $6,260.10 | |
Washing $35 per month | |
Registration $900.00 | |
Insurance $810.00 | |
Service $300.00 every 3 months | |
Purchased a stereo audio set $1,105.00 | |
Parking for visits $230.00 | |
Tolls charges work purpose $467 | |
The manufacturer manual states the car uses 7.2L per 100km and your client has provided 10 fuel receipts showing the average fuel price $1.21/L. He has not kept all his fuel receipts. Calculate Joe's taxable deductions. |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: