Solution-Advise alpha of the income tax

Advise alpha of the income tax

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Reference no: EM13306941

An extract of the asset register of Alpha Pty Ltd ('Alpha') for the 2012-13 income year is as follows:

Asset	Cost	Opening Adjustable Value	Method	Effective Life	Decline in Closing Value for Adjustable This Period Value
Desktop Computer	1,350	1,350	Diminishing Value	3 years	450 900
Furniture	5,000	3,000	Prime Cost	10 years	500 2,500
Filing Cabinets	1,200	1,080	Prime Cost	10 years	120 960 1

All depreciable assets are for 100% business use and Alpha uses a low-value pool for all eligible assets. The closing value of the low-value pool at 30 June 2013 was $5,300. Alpha purchased a printer on S June 2014 for $700.

Advise Alpha of the income tax consequences arising out of the above information for the 2013-14 income year.

Reference no: EM13306941

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Advise alpha of the income tax

Reference no: EM13306941

Reference no: EM13306941

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