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Question - Pranjli owns a local grocery store, 'Rose Apothecary', and as of 1 July of the current tax year, her depreciation schedule is set out below. All of the opening assets were acquired after 9 May 2006. All amounts exclude GST. Pranjli is not an SBE. Pranjli uses the diminishing value method for depreciation. There are no instant assets write-offs available.
Depreciating Asset Opening Adjustable Value At 1 July $
Counters 78,645
Insulation panels for freezer and refrigerators 125,682
Trolleys for customers 88,340
Total 292,667
Required - Calculate the depreciation deduction under Div 40 and the closing adjustable value of each asset.
Discuss the treatment of each of the above items and note any changes that you deem may be necessary. Ignore tax implications
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