Mary commenced a small catering business this year and purchased the following assets during the current year:

1 October - Refrigerated Van with an effective life of 10 years- $33,000

7 May - Commercial Stove with an effective life of 8 years- $$15,650

Mary also owns an investment property from which she derives rent. Mary uses a low value pool which, at 30th of June 2023, had a balance of $2300. Mary also has an air conditioning unit in the investment property that she had depreciated using the diminishing value method over its life of 10 years. The adjustable value at 30th June 2023 was $850

On 1 October 2023 Mary bought an alarm for the property which cost $720

On 31 March 2023, Mary sold a clothes dryer for $250 as her tenants no longer wish to use it. The dryer had been previously placed in the asset pool.

Calculate the decline in value deduction available for the 2023/24 (current) tax year by stating the answers in the spaces provided.

Also Calculate the balance of Mary's low value pool as at 30 June 2024.

Just write the figures without any commas e.g. 1200. The percentages must be written with decimals where applicable, e.g. 27.5 or 100, but without the percentage sign.

Assume that Mary has made all the elections required to minimise her taxable income.

Total: 5 Marks

	UNIFORM CAPITAL ALLOWANCES - CATERING BUSINESS
	NEW ASSETS	DISPOSALS
YEAR	ITEM	CP	OAV	RATE	DAYS	Decline in Value	CAV	AV (at sale)	SP	B/A
7/05	Commercial Stove	15650
1/10	Refrigerated Van	33000

The total decline in value deduction available to Mary for the catering business for 2023/24 year is

	UNIFORM CAPITAL ALLOWANCES - INVESTMENT PROPERTY POOL
	EXISTING ASSETS AND NEW ASSETS	DISPOSALS
YEAR	ITEM	CP	OAV	RATE	DAYS	Decline in Value	CAV	AV (at sale)	SP	B/A
1/7	Pool		2300
1/7	Pool/ aircon		850
1/10	Alarm	720

Taking into consideration the sale of clothes dryer, Mary's investment property low value pool balance at 30 June 2024 is .

The total decline in value deduction available to Mary for the investment property for 2023/24 year is