Answer the following questions in writing.
Interest on home loan $16 200
Interest on credit card $276
Interest on investment property $14 360
Interest on personal loan $1 320
Insurance on home $630
Insurance on car $540
Insurance on investment property $570
Matthew occasionally takes work home on weekends. The personal loan was taken out two years earlier, half of it to finance a share portfolio and the other half to landscape the front yard of his home.
Which of these amounts are tax deductible to Matthew? Briefly Explain.
He bought a Honda Accord for $28,000 on 25th July 2013. It has an engine capacity of 2.6 litres. In the current financial year he has travelled 22,000 km in total. He has kept a log book that shows 18,000 km is for work purpose. He has incurred the following expenditures for the motor vehicle:
He has all the records for expenses.
Gordon Smith (TFN 999 999 999) (DOB 01/11/1989) commenced a new furniture making business as a sole trader at 269 Harold Street, Croydon, NSW, 2136 on 1 January 2013. He has registered his business using the trading name Awesome Furniture and estimates that his turnover will be a little over $62,000 (excluding GST). It is his first time running a business and he needs to apply for an ABN and register for GST. He intends to lodge his Business Activity Statements quarterly and will use the cash accounting method.
Additional details are as follows:
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