Question
How much tax deduction can she claim for car expenses? Bronte owns a Mazda CX5 motor vehicle. The car was purchased on 1 July 2020
How much tax deduction can she claim for car expenses?
Bronte owns a Mazda CX5 motor vehicle. The car was purchased on 1 July 2020 for $38,000. During the financial year Bronte travelled 25,000 kms. Bronte has noted that 70% of her travel is work related, however she has not kept a log book of the kilometres travelled for work purposes. Bronte has paid for all of the running costs during the year and these are as follows;
Fuel $1,690 and Servicing $1,200 also the Registration $960 and the Insurance $1,500Parking fees $330.
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Deductible Expenses Registration 960This is a fully deductible expense as its related to car ownersh...Get Instant Access to Expert-Tailored Solutions
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
78025915, 978-1259115400, 1259115402, 978-0078025914
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