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During the current year the taxpayer conducted a manufacturing business and incurred the following expenses:
(a) On 20 July: $350 in discharge of a mortgage on the taxpayers private home. The mortgage was used to acquire a loan that funded the purchase of business assets.
(b) On 1 June: $7000 to establish a three-year loan that was used to fund working capital. Interest for the remainder of the tax year was $3000.
(c) During the current tax year the taxpayer incurred $1000 in travel from his private home where he runs a business of trading in shares, to his main office where he conducts his manufacturing business.
What deductions can be claimed for the year ended 30 June?
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