Problem: Mathew manufactures school furniture and makes up his accounts at 31st December each year. He rents the workshop premises. The following assets were acquired on the dates shown:
Plant
1June 2014
cost $40,000 Pickup truck
1January 2014
cost $300,000
Motor car (used one-third privately by Matthew)
acquired 30 April 2014
cost $200,000 Plant
30 April 2014
cost $150,000
Compute Matthew's capital allowances for year of assessment 2014.