Question 4

You have been tasked with preparing a depreciation schedule for Samanthas 2024 Income Tax Return. Upon reviewing the prior year ITR you can see that Samantha is depreciating some IT equipment that she uses for work.

The assets carried forward from the prior year include:

• Laptop Computer, Acquisition Cost $6,200. Opening Value $5,800. Depreciation Rate 25% DV
• Computer Monitor, Acquisition Cost $1,800. Opening Value $1,225. Depreciation Rate 40% DV
• Desk Chair, Acquisition Cost $1,200. Opening Value $988. Depreciation Rate 20 % DV

During the financial year, the following transactions occurred.

• 17 September 2023 - Samantha sold her laptop prior to her move to Turkey. She received $4,000 for it.
• 31 September 2023 - Samantha purchased a new laptop from her own funds to use 100% for work. The new laptop cost $6,800 with an expected life of 2 year.
• 30 October 2023 - Samantha purchased a new Desk Chair for her office in the Embassy. The purchase price was $800, and the expected life is 10 years.

Prepare a depreciation schedule for Samantha's 2024 Income Tax Return using the table below.

Response to Question 4

Existing and New Assets	Disposals
Date	Item	Cost Price	OAV	Rate	Days	Decline in Value	CAV	AV at Sale	SP	B/A
The total decline in value		Total B/A