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Kritesh business has purchased a Toyota car and use 100% for business purposes on 1 November 2023 at a cost of $85,000 (inc GST) estimated

Kritesh business has purchased a Toyota car and use 100% for business purposes on 1 November 2023 at a cost of $85,000 (inc GST) estimated to have a useful life of ten years. Required: With reference to relevant legislation, discuss and calculate what amount is allowed as a deduction for the decline in value of the machinery and the car discussed above, using both prime cost and diminishing value methods.  Thank you

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