Problem
Jim owns a lawn-mowing business. He decides to buy a second hand trailer to replace his existing trailer. Jim investigates how much it will cost to repair the second hand trailer and bring it up to the required standard, and finds the following:
Replace rusted base plate $1,500
New paint and signage $1,200
New tyres $ 200
New wiring $ 450
Total $3,350
What amount will be deductible and under which section?