(Solved) Q1 Jenny is running a catering business and bought the following for the use in the business. A computer costing $3200 (effective life 4 years) on 1...

Q1 Jenny is running a catering business and bought the following for the use in the business.

A computer costing $3200 (effective life 4 years) on 1 Oct 2014. On the same date an old computer was sold for $500. It’s adjustable value on that date was $900 (cost $3500). Both computers were solely used in the business.

Separate computer software (100% business use) for S$1500 on 1 Jan 2015;

A printer (effective life for 7 years) for $950 on 1 July 2014, used for 75% for business.

Office chair on 1 Mar 2015 for S$750.

On 1 April 2015, she purchased a BMW car for $75,000. The manufacturer of the car claimed the vehicle is expected life of travel is 250,000km. The average annual usage travel is 20,000km per year (15000km for business use).

The business had a low value pool balance of $6,400 on 1 July 2014.

Required: Determine the decline in value and adjustable value for each asset above. Jenny prefers to claim maximum deductions and show her maximum deductions.

Q2

Ben had rented out the ground floor of his house (the bottom unit) for many years. He lives in the top floor unit. He puts on a tiled roof (cost S$10,000 on 15 November 2014) to replace the old tiled roof that had become badly worn over time and claims the S$10,000 cost as a deduction. Further the wooden floor of the bottom unit became infested with termites. He demolished the floor and rebuilt this in concrete (cost S$15,000 on 1 May 2015) as part of an extension to the bottom unit. The concrete floor represented 25% of the total floor area involved in the extension and the taxpayer claimed 25% of the total costs as a deduction.

Required: Advise Ben on the availability of deductions.



Q3 Expenses incurred by a tax lecturer attending a 2 day conference “Why Do Students Fail Taxation Units?” in Melbourne in March 2015. Cost included: Conference registration fees of S$500 (including S$90 for a tour of the Melbourne Cricket ground); hotel expenses (S$800 for 4 days); meals during the conference S$150; return air fares S$600. While in Melbourne the taxpayer stayed on for the extra two days at the hotel so that he could visit his sick mother.

Required: Advise the taxpayer on his deductions available.

 


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