QUESTION Dr Jensen, who carries on business as a physician, purchased a Commodore car on 1 April 2018 at a cost of $35,000. Dr Jenson estimates the effective life of the car as seven years. As a result of mechanical problems she sold the car on 30 June 2018 for $20,000. She has a 60% business usage on her vehicles. Advise Dr Jensen of the tax consequences and the deductions available to her for the year ended 30 June 2018. (All figures are exclusive of GST)
QUESTION Dr Jensen, who carries on business as a physician, purchased a Commodore car on 1 April 2018 at a cost of $35,000. Dr Jenson estimates the effective life of the car as seven years. As a result of mechanical problems she sold the car on 30 June 2018 for $20,000. She has a 60% business usage on her vehicles. Advise Dr Jensen of the tax consequences and the deductions available to her for the year ended 30 June 2018. (All figures are exclusive of GST)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Dr Jensen, who carries on business as a physician, purchased a Commodore car on 1 April 2018 at a cost of $35,000. Dr Jenson estimates the effective life of the car as seven years.
As a result of mechanical problems she sold the car on 30 June 2018 for $20,000. She has a 60% business usage on her vehicles.
Advise Dr Jensen of the tax consequences and the deductions available to her for the year ended 30 June 2018. (All figures are exclusive of GST)
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