Question 29 Matt owns and operates a plumbing business and is considered a 'Small Business Entity'. The opening value of his small business pool on 1 July 2019 was $58,400 On 12 October 2019, Matt decided he needed a new work van and so traded his old van for $8,000 on a newer model costing $32,000. The old van was originally purchased on 7 May 2013. The new van has an effective life of 8 years. On 3 February 2020, Matt purchased an excavator fors00 and on 5 April 2020 he bought a new trencher at a cost of $7,600. The effective lives of these assets are 8 years and 10 years respectively, . On 2 May 2020, Matt purchased a laptop computer for $2,600. This would be used partly for keeping business records and also by his kids for their homework. Matt therefore kept a logbook of usage on the laptop and determined that it was used 3096 for private purposes. Required: 3. What criteria would Matt have had to satisfy to be considered a Small Business Entity? (4 marks) b. Assuming all amounts are net of GST, calculate Matt's depreciation claim for the year ended 30 June 2020. (6 marks)