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correct solutions please thanks Sharon Stone is a marketing consultant for a major food distribution company. On 1 September 2020, she purchased new silver BMW
correct solutions please thanks
Sharon Stone is a marketing consultant for a major food distribution company. On 1 September 2020, she purchased new silver BMW 320i convertible with a personalised name plate for $95,000. She uses the vehicle when visiting clients. The car has an estimated effective life of seven years and has been depreciated using the prime cost method. She maintained a log book for a 12 week period and all receipts have been kept. Required: a): She provides you with the following information relating to the year ended 30 June 2021 and wants you to work out the maximum deduction that she can claim for the use of the car, using all available substantiation methods: Total kilometers traveled Business kilometers traveled 15,000 8.000 2,800 680 1,720 Interest on car loan Registration and insurance Petrol Repairs and maintenance Car washes Parking fines (while visiting clients) NRMA membership 375 180 350 230 b): She seeks your advice as to whether the cost of road-tolls (including bridge tolls) that she incurred would be deductible as a car expense or as a general deduction? Would it make any difference if the deduction was claimed under either one of these headingsStep by Step Solution
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