Andrew works as a sales and marketing consultant for Hisense Australia. As part of his work, he purchased a Mercedes van on 1 January 2022 for $60,000. The vehicle has an effective life of 8 years and is used 50% for business purposes. Required: Calculate the depreciation allowable in relation to the vehicle for the year ended 30 June 2023. Use the Diminishing Value Method. (based on australia taxation law)
Andrew works as a sales and marketing consultant for Hisense Australia. As part of his work, he purchased a Mercedes van on 1 January 2022 for $60,000. The vehicle has an effective life of 8 years and is used 50% for business purposes. Required: Calculate the depreciation allowable in relation to the vehicle for the year ended 30 June 2023. Use the Diminishing Value Method. (based on australia taxation law)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Andrew works as a sales and marketing consultant for Hisense Australia. As part of his work, he purchased a Mercedes van on 1 January 2022 for $60,000. The vehicle has an effective life of 8 years
and is used 50% for business purposes. Required: Calculate the depreciation allowable in relation to the vehicle for the year ended 30 June 2023. Use the Diminishing Value Method. (based on
australia taxation law)
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