Question
Phoebe paid $39,000 (GST inclusive) for a new car on 1 August 2021. She uses the car 70% for business use during 2021/22 and 2022/23.
Phoebe paid $39,000 (GST inclusive) for a new car on 1 August 2021. She uses the car 70% for business use during 2021/22 and 2022/23. The Commissioners determination of the effective life of a car is eight years, but Phoebe self-assesses the effective life of her car to be four years.
Explain the depreciation deductions, using the two depreciation methods, for the car for the year ended 30 June 2023.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Board Of Directors And Audit Committee Guide To Fiduciary Responsibilities Ten Critical Steps To Protecting Yourself And Your Organization
Authors: Sheila Moran CPA CFE, Ronald Kral CPA CMA
1st Edition
0814431666, 978-0814431665
