Reference no: EM132702740
Mohamad bought his home in 2010 and commenced operating a business from his home. He has a large office which occupies 15% of the house. Mohammad does not own any other property.
Mohammad estimates that 15% of his electricity and gas heating was used for the business in 2018-2019.
During each of the 2017-2018 and 2018-2019 financial years Mohammad had the following expenses in respect of the house:
Gas heating?????$ 750
Electricity?????$ 5,000
Rates and taxes????$ 3,000
Mortgage repayments
Interest?????$10,000
Capital repayments????$ 4,000
- On 1 July 2018 one of Mohammad's corporate clients unexpectedly made an offer to purchase the business for a good price. Included in the offer was ongoing employment for Mohammad and a workspace in the Adelaide office. Mohammad accepted the offer and immediately commenced his new role as an employee.
- While he worked in the Adelaide office most days, Mohammad continued to work from his home office two days each week. He estimates that 7% of his electricity and gas heating was running while he worked in his home office whilst undergoing his new employment.
Required:
Question a) Advise Mohammad what expenses he can claim for the 2017-2018 financial year
Question b) Advise Mohammad what expenses he can claim for the 2018-2019 financial year
Question c) Assume that instead of selling his business Mohammad sold his house on 1 July 2019, making a capital gain of $100,000. Would all of that gain be assessable? Why or why not?
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