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Answer to Q$-10\mathrm{.}5($Decline in value $-$ motor vehicles$)$

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Frank Capone

Additional Workings $($if any$)$ QUESTION $10\mathrm{.}5($Decline in value $-$ motor vehicles$)$

Darryn Remmert conducts business as a real estate agent. He is not a SBE taxpayer. Darryn employs several sales staff and property managers, and consequently makes use of a number of motor vehicles through his business. The following data relates to these vehicles:

$\backslash$table$[[$Vehicle$,\backslash$table$[[$Date$],[$Acquired$]],\backslash$table$[[$Cost$],[($$$)]],\backslash$table$[[$Adj$.$ Value$],[$at $30/6/21],[($$$)]],\backslash$table$[[$Business$],[$Use$]],\backslash$table$[[$Depreciation$],[$Method$]]],[$Ford$,1$ July $2018,35,000,21,875,100\%,$Prime Cost$],[$Holden$,1$ Apr $2019,28,500,18,815,85\%,$Diminishing Value$],[$Honda$,1$ Oct $2021,41,800,$N$/$A$,74\%,$Diminishing Value$],[$Mercedes$,1$ July $2017,84,800,28,505,83\%,$Prime Cost$],[$BMW$,1$ May $2019,56,300,37,635,72\%,$Diminishing Value$],[$Lexus$,1$ July $2021,71,500,$N$/$A$,68\%,$Diminishing Value$]]$

Each vehicle is to be depreciated using the Commissioner's estimated life of $8$ years.

Calculate the deduction available to Darryn for the decline in value of these vehicles in respect of the $2021/22$ tax year.prepare tax documentation for individuals edition $18$ solution to question $10\mathrm{.}5$

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