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Henry is a plasterer. He uses his own car (engine capacity 2600cc) to travel to the premises where he works. He acquired the car on 1 October 2010 for 60,000. The acquisition cost was funded entirely by a loan at an interest rate of 15%. He has determined that the depreciation on the car would be $2,300 for the year. In addition, Henry incurred the following expenses during the year:
For the period 1 October 2010 to 30 June 2011, Henry estimates that the car travelled a total of 15,000 kilometres, 12,000 of which were for business purposes. You may assume that Henry has maintained all necessary records and a logbook.
Calculate Henry's deduction for car expenses under each of the four methods in Div 28 of ITAA 1997. Use the "cents per kilometer" amounts for the 2009-10 year in answering this question. At the time of writing, reg 28-25.01 had not been updated for the 2010-11 year.
Compute the ratios. to which one would you, as credit manager for a supplier, approve the extension of (short-term) trade credit?
Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of fringe benefit.
Evaluate the amount of taxes paid in Country
question mary louise and nell each have their own computer equipment and retail store. they purchase a plant together
total 2008 gift of life insurance policy is 72000. annual exclusions are 24000 2 domes at 1200. present taxable gifts
Determine the days sales uncollected for both companies as of the end of the present period. Which company is doing a better job in managing the collection of its receivables?
What are the U.S. tax consequences of liquidation for Winco and what is the maximum amount of income that Acme can allocate to its IC-DISC? (Assume combined taxable income equals the $400 of net income from qualifi ed export receipts.)
Determine whether each of the transactions is taxable. If a transaction is not taxable, indicate what type of reorganization is affected,
2 years ago, Charlotte Corp. purchased a building for $18,000,000. Charlotte uses straight-line depreciation to prepare the financial information but they use MACRS for tax purposes. At December 31, 2013, the building has a book value of $16,000,0..
Advise the taxpayer whether the amount of $500,000 is assessable under s6-5.[Cite relevant authority.](b) Advise the taxpayer whether the Arthur Murray principle applies to some orall of the $1,200,000 amount.Other Information
Discuss whether Peter would be entitled to any deductions in respect of the interest expenditure incurred from 1 January 2012 to 30 June 2012 for the 2011/2012 income year.
the hotel workers demanded equal treatment and therefore were also allowed to eat in restaurant at no charge while they are at work. Which is correct?
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