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APC Pty Ltd is a small business entity which balances at 30 June

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APC Pty Ltd is a small business entity which balances at 30 June. The opening balance of its general small business pool for 2018-19 is $68,720. On 12 December 2018, APC Pty Ltd bought a new equipment for $30,000. The owner estimates the equipment will be 40% used for business purposes. On 18 January 2019, the company also bought a new printer for $700 which is 100% used for business. The taxable purpose proportion for all the other assets is 100%.

a.      Calculate the depreciation that APC Pty Ltd can claim on its 2018/19 tax return.

b.      Calculate the opening value of the general small business pool for 2019-20.

c.       What specific records should APC Pty Ltd maintain to ensure the company has chosen the right setting to apply the simplified depreciation rules and how long should those records be kept?