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Question - Scooby Montana is employed as a salesperson. Scooby uses a low value pool which, at 30 June 2019, had a balance $1,850.
On 1 September 2019, Scooby bought a mobile phone for $580 which he used entirely for work. The phone has an effective life of 3 years.
On 31 January 2020, Scooby purchased a photocopier for $800. He estimates that the copier is used 80% for work and has a useful life of 6 years.
Required -
1. Calculate the balance of Scooby's low value pool as at 30 June 2020.
2. Calculate the decline in value deduction available for the 2019/20 tax year.
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