QUESTION 8.25(Car expenses using logbook and expense data)Rory derives business income from a retail cosmetics...
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QUESTION 8.25(Car expenses using logbook and expense data)Rory derives business income from a retail cosmetics store. On 1 October 2019, Rory bought a Mercedes for $78,340. Its effective life is eight years. Rory kept a logbook for 12 weeks which disclosed the following:Travel from home to the shop and return2,735 kmTravel from the shop to college (Rory is studying a course in fitness training)370 kmTravel from college to home735 kmTravel to customers and suppliers3,460 kmThe logbook is representative of the entire year. Odometer records showed a total of 23,840 kilometres travelled during the period up to 30 June 2020. Rory also kept receipts and records which show the following costs:Petrol and Repairs$ 2,850Excess on Insurance for repairs600Car Washes930Registration and Insurance1,735Parking at Airport (during a business trip)380Determine the maximum amount of any deductions available to Rory.
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You can see the logs in the Dashboard.