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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: For the transactions below, discuss what deductions are available for the 2020-21 tax year Jill is a sole trader who runs a clothing retail business that has an aggregated turnover of approximately $3 million a year. This business has 2 stores, the first of which is owned by Jill as a business asset, the second of which is rented by her. She incurs the following expenses on 1 June 2021: $4800 for an insurance policy (for the first store premises, which she owns) that commences on 1 June 2021 and runs till 30 September 2022. $3000 in prepaid rent (for the second store premises) covering the period 1 June 2021 till 30 April 2022.
Transcribed Image Text:Required: For the transactions below, discuss what deductions are available for the 2020-21 tax year Jill is a sole trader who runs a clothing retail business that has an aggregated turnover of approximately $3 million a year. This business has 2 stores, the first of which is owned by Jill as a business asset, the second of which is rented by her. She incurs the following expenses on 1 June 2021: $4800 for an insurance policy (for the first store premises, which she owns) that commences on 1 June 2021 and runs till 30 September 2022. $3000 in prepaid rent (for the second store premises) covering the period 1 June 2021 till 30 April 2022.
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