Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 40.430

Rules for assets in low-value pools

             (1)  Once you have made a choice to allocate a * low-cost asset to a low-value pool for an income year, you must allocate all low-cost assets you start to * hold in that income year or a later one to the pool.

Note 1:       This rule does not apply to low-value assets.

Note 2:       If you are a small business entity for the income year and you calculate your deductions for your depreciating assets under Subdivision 328-D, you must deduct amounts for your depreciating assets under that Subdivision unless deductions for particular assets are specifically excluded by that Subdivision.

             (2)  Once you allocate any * depreciating asset to a low-value pool, it must remain in the pool.



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