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Capstone Chattel Mortgage

In: Business and Management

Submitted By jeslin0203
Words 250
Pages 1
Dear Gary Newman,
RE: Motor Vehicle for We are Glass Pty Ltd
Thank you for choosing Sapphire Accountancy to service your accounting, tax and related needs. This letter will provide you the information about the relevant tax treatment of the motor vehicle acquired by We are Glass Pty Ltd on 5th May 2014. 1. Allowable deduction in relation to the Motor Vehicle

We are Glass Pty Ltd would have obtained the title of the motor vehicle from the time of purchase under the chattel mortgage agreement. As the legal owner, the company will be able to claim the depreciation of the asset under Division 40 of the Income Tax Assessment Act 1997. Also, the company will be able to claim other expenses relating to the vehicle under s8-1. These include: registration, insurance, Interest and Depreciation. The total amount deductible would be:

Depreciation 2,243.54 Interest 531.26 Registration 516.15 CTP Insurance 324 TOTAL 3,614.95

2. Table detailing the purchase price of $145,919.55: Description | GST paid | Amount | Range Rover Sport 2014 | 10,245.41 | 102,454.05 | Metallic Paint | 146.85 | 1,468.53 | Audio sound system | 202.80 | 2027.97 | Leather seat protection | 66.43 | 664.34 | Registration fee | - | 516.15 | CTP Insurance | 32.40 | 324 | Personalised number plates | 40.45 | 404.55 | Dealer delivery charges | 362.73 | 3,627.27 | Stamp Duty | - | 5,050.50 | Luxury car tax | 1,662.28 | 16,622.84 | Total | 12,759.35 | 133,160.20 |…...

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