Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.185

Assets allocated to general STS pool

  (1)   A depreciating asset of yours that had been allocated to your general STS pool is treated as being allocated to your general small business pool.

Assets allocated to long life STS pool

  (2)   A depreciating asset of yours that had been allocated to your long life STS pool is treated as being allocated to your long life small business pool.

Choice not to allocate assets to long life STS pool

  (3)   If you made a choice, under subsection   328 - 185(5) of old Subdivision   328 - D, not to have a depreciating asset allocated to your long life STS pool, the choice has effect for the purposes of subsection   328 - 185(5) of new Subdivision   328 - D.

Note:   This means you cannot change the choice: see subsection   328 - 185(6) of new Subdivision   328 - D.