Joe's expenses related to this employment are as follows:
He purchased a Mazda-6 on 1 July 2018, for $40,000 including GST. He maintained a logbook for this car with details as shown below:
Opening odometer (01/07/18) - 830km
Closing odometer (30/06/19) - 49,630km
Total private travel - 10,070km
He had the following expenses:
Car loan interest $6,260.10
Washing $35 per month
Registration $900.00
Insurance $810.00
Service $300.00 every 3 months
Purchased a stereo audio set $1,105.00
Parking for visits $230.00
Tolls charges work purpose $467
The manufacturer manual states the car uses 7.2L per 100km and your client has provided 10 fuel receipts showing the average fuel price $1.21/L. He has not kept all his fuel receipts. Calculate Joe's taxable deductions.