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Calculate the closing balance of the asset pool

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Reference no: EM132420592

Gwyneth is a resident, individual small business taxpayer. As at 30 June 2017, she had a General small business pool balance of $ 41,800.

During the year Gwyneth purchased an asset for $34,800 with an effective life of 5 years and another asset for $40,400 with an effective life of 30 years.

There were no disposals during the year.

  • Calculate any amounts that are deductible for the 2017/18 tax year.
  • Calculate the closing balance of the asset pool.

Reference no: EM132420592

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