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Required: Showing workings and citations, calculate Bianca's deductions regarding the two items for the 2021-22...

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Accounting

Required: Showing workings and citations, calculate Bianca's deductions regarding the two items for the 2021-22 tax year. Where Bianca has a choice of methods in calculating her deductions, use the method that will give her the highest deductions for the tax year (4 marks).

Bianca runs a small manufacturing business as a sole trader (it has an aggregated annual turnover of approximately $5 million). Separate from this, she also owns a residential investment property (which is not considered as being part of her business). She makes the following acquisitions:

-On 10 January 2022 she acquires a leather lounge for her investment property (effective life of 10 years). This cost her $6,000.

-On 15 February 2022 she acquires a new piece of machinery for her business (effective life of 15 years). This cost her $40,000.

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