Question: Ronald is employed as a real estate agent. He purchased a BMW sedan on 1 July 2020 for $70,471. He has kept a log book that shows he uses this car 55% for work purposes.
Calculate the deductible amount of the decline in value of the vehicle for the 2021 year, using the diminishing value method.
Part A - provide full workings for your answer
Part B - provide your final answer