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Towsha Ltd, a resident company with an average annual turnover of $75 million, acquired a new machine for their factory processing on 6 November 2019.

Towsha Ltd, a resident company with an average annual turnover of $75 million, acquired a new machine for their factory processing on 6 November 2019. The machine cost $674,000 (excluding GST) and has an estimated useful life of five years. Required Calculate the maximum deduction for decline in value of the machine for the year ended 30 June 2020. (3 marks)

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