Transatlantic Pty Ltd is a large corporate entity with annual turnover of $80 million. What is the
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Transatlantic Pty Ltd is a large corporate entity with annual turnover of $80 million.
What is the maximum deduction to be claimed by Transatlantic Pty Ltd at the end of the current income year in relation to the following items?
- A delivery truck costing $20,000 acquired on 1 July 2019 (effective life self-assessed as five years).
- Legal costs of $5,000, incurred by June 2020 in relation to a lawsuit that involved defending the title to an income-producing block of land.
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Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
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