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QUESTION 2 (please complete all three parts A, B and C) 2 PARTA Anna is a Sole Trader. On 1 June 2020 she purchased a motor car for use in her business. She uses The Commissioner's default effective life of 8 years. The following items were incurred: $ Purchase price 80,000 Registration, insurance, fuel & oil 5,000 Cost of disposing of her old car 1,000 86,000 Required: (1) Calculate the cost of the car for depreciation purposes, explaining the treatment of each listed item above. (2) Calculate the maximum decline in value of the car to 30 June 2020 assuming Anna intends does not use the small business concessions. Explain your steps. (4 + 4 = 8 marks) 2 PART B Anna keeps receipts, and her logbook indicates that the car is used 30% for business. The odometer reading indicates a total of 2,000 klms for June 2020. Total running costs are $3,000 including decline in value. Required: Calculate Anna's maximum deduction for the use of the car explaining your workings. (4 marks) 2 PART B Anna keeps receipts, and her logbook indicates that the car is used 30% for business. The odometer reading indicates a total of 2,000 klms for June 2020. Total running costs are $3,000 including decline in value. Required: Calculate Anna's maximum deduction for the use of the car explaining your workings. (4 marks) 2 PART C Anna carries on a business as a clothing retailer. Opening stock value from last year is $20,000 and her stock purchases for the year amount to $250,000. The warehouse stock-take on 30 June 2020 shows the following: Dashboard Calendar To-do Notifications Inbox The warehouse stock-take on 30 June 2020 shows the following: Cost Replacement Item Quantity Market Selling (units) (unit) Price (unit) (per unit) Price $110 Y $75 100 $100 $180 50 $100 $150 Z 0 $200 $300 NOTE: a) Anna has recently received an invoice for 20 units of item Z purchased from an overseas supplier at a cost of $150 each (already included in the purchases figure above). However, they are still in transit with Anna's shipping agent. b) Item X is recently out of fashion. On 30th June, Anna has just noticed that other shops have been clearing their stocks of item X at a special price of $40 in order to re- stock with current items. Required: 1) Calculate the value of closing stock (indicate the quantity and value for each item) assuming Anna wishes to minimise her taxable income. Refer to case law and/or ITAA sections. 2) What deductions is Anna entitled to in relation to trading stock? (5+3 = 8 QUESTION 2 (please complete all three parts A, B and C) 2 PARTA Anna is a Sole Trader. On 1 June 2020 she purchased a motor car for use in her business. She uses The Commissioner's default effective life of 8 years. The following items were incurred: $ Purchase price 80,000 Registration, insurance, fuel & oil 5,000 Cost of disposing of her old car 1,000 86,000 Required: (1) Calculate the cost of the car for depreciation purposes, explaining the treatment of each listed item above. (2) Calculate the maximum decline in value of the car to 30 June 2020 assuming Anna intends does not use the small business concessions. Explain your steps. (4 + 4 = 8 marks) 2 PART B Anna keeps receipts, and her logbook indicates that the car is used 30% for business. The odometer reading indicates a total of 2,000 klms for June 2020. Total running costs are $3,000 including decline in value. Required: Calculate Anna's maximum deduction for the use of the car explaining your workings. (4 marks) 2 PART B Anna keeps receipts, and her logbook indicates that the car is used 30% for business. The odometer reading indicates a total of 2,000 klms for June 2020. Total running costs are $3,000 including decline in value. Required: Calculate Anna's maximum deduction for the use of the car explaining your workings. (4 marks) 2 PART C Anna carries on a business as a clothing retailer. Opening stock value from last year is $20,000 and her stock purchases for the year amount to $250,000. The warehouse stock-take on 30 June 2020 shows the following: Dashboard Calendar To-do Notifications Inbox The warehouse stock-take on 30 June 2020 shows the following: Cost Replacement Item Quantity Market Selling (units) (unit) Price (unit) (per unit) Price $110 Y $75 100 $100 $180 50 $100 $150 Z 0 $200 $300 NOTE: a) Anna has recently received an invoice for 20 units of item Z purchased from an overseas supplier at a cost of $150 each (already included in the purchases figure above). However, they are still in transit with Anna's shipping agent. b) Item X is recently out of fashion. On 30th June, Anna has just noticed that other shops have been clearing their stocks of item X at a special price of $40 in order to re- stock with current items. Required: 1) Calculate the value of closing stock (indicate the quantity and value for each item) assuming Anna wishes to minimise her taxable income. Refer to case law and/or ITAA sections. 2) What deductions is Anna entitled to in relation to trading stock? (5+3 = 8