Max commenced work as a sales representative for a social media company on 3 November 2020....
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Max commenced work as a sales representative for a social media company on 3 November 2020. On this same date, he bought a new Audi S6 (at a cost of $75,000) which he immediately started using for work purposes ie visiting clients etc. Max maintained a logbook for a consecutive 12-week period during the 2021 income year. The logbook revealed that Max travelled a total of 9,200 kilometres of which 5,796 were work-related. The running costs of the vehicle for the period 3 November 2020 to 30 June 2021 were as follows: $ ■ Registration ■ Insurance I Petrol and oil I interest on loan taken out to buy the car ▪ Repairs and maintenance Total: 714 1,020 4,140 1,555 229 $ 7,658 What amount can Max claim for car expenses for the year ended 30 June 2021 if he decides to use the logbook method? Note: There are 240 days from 3 November 2020 to 30 June 2021. Max commenced work as a sales representative for a social media company on 3 November 2020. On this same date, he bought a new Audi S6 (at a cost of $75,000) which he immediately started using for work purposes ie visiting clients etc. Max maintained a logbook for a consecutive 12-week period during the 2021 income year. The logbook revealed that Max travelled a total of 9,200 kilometres of which 5,796 were work-related. The running costs of the vehicle for the period 3 November 2020 to 30 June 2021 were as follows: $ ■ Registration ■ Insurance I Petrol and oil I interest on loan taken out to buy the car ▪ Repairs and maintenance Total: 714 1,020 4,140 1,555 229 $ 7,658 What amount can Max claim for car expenses for the year ended 30 June 2021 if he decides to use the logbook method? Note: There are 240 days from 3 November 2020 to 30 June 2021.
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Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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