QUESTION: (Low value pool, asset with part private use) Scooby Montana is employed as a salesperson. Scooby uses a low value pool which, at 30 June 2021, had a balance of $1,850.
On 1 September 2021, 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 2022, Scooby purchased a photocopier for $800. He estimates that the copier is used 80% for work and has a useful life of 6 years.
Calculate the balance of Scooby's low value pool as at 30 June 2022.
Calculate the decline in value deduction available for the 2021/22 tax year.