FNSACC601 - Task 10 – Depreciation

Task 10 – Depreciation

Liz operates a small restaurant. She does not wish to take advantage of the small business concessions and her business is registered for GST.

Assets that Liz had acquired post 10 May 2006 and held at 1 July 2018 were shown in the Fixed Assets Register below:

Liz had also commenced the use of a low value pool on 1 July 2008. The pool balance as at 1 July 2018 was $4,100.

Liz places all eligible assets into the Low Value Pool.

During the year, Liz purchased the following new depreciable assets. The purchase price of the assets included GST.

Required:

• Calculate the deduction for decline in value available to Liz in respect of the year ended 30 June 2018.
• Calculate the value of the low value pool as at 30 June 2018.