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Mohamed Akhtar is considering buying a printing press for his business. The cost is $50.000. He currently has $8,000 in funds and will therefore need
Mohamed Akhtar is considering buying a printing press for his business. The cost is $50.000. He currently has $8,000 in funds and will therefore need to borrow the balance of $52,000 from his bank. The Bank will charge him interest at 8% pa on the loan. He acquired the machine on 1 January 2021 Assume he can claim the capital allowance under 519A REQUIRED Calculate the tax deductions available to Mohamed Akhtar on this transaction for the YA 2022
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