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With regards to Australian Taxation Laws and Case Laws, MJ Limited purchased machinery for $50,000 for its operations on 1 October 2015 and has been using it for income producing activities. In the current financial year (2019-2020), the machinery broke down and it was replaced with another machinery with the cost of $70,000 which could improve the production, a feature that was not available in previous machinery. Explain in detail using relevant tax laws and cases whether this amount of $70,000 is deductible for MJ limited. Kindly use the four sections of: Facts of the scenario. Relevant laws and cases. Application of laws and cases. Conclusion.

- November 14, 2022 - Edwin Tunner

With regards to Australian Taxation Laws and Case Laws, MJ Limited purchased machinery for $50,000 for its operations on 1 October 2015 and has been using it for income producing activities. In the current financial year (2019-2020), the machinery broke down and it was replaced with another machinery with the cost of $70,000 which could improve the production, a feature that was not available in previous machinery.

Explain in detail using relevant tax laws and cases whether this amount of $70,000 is deductible for MJ limited.

Kindly use the four sections of:

  1. Facts of the scenario.
  2. Relevant laws and cases.
  3. Application of laws and cases.
  4. Conclusion.
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