The low-value pool worksheet from the Guide to depreciating assets 2005 (Worksheet 2) has been reproduced below. The labels L, M, N, O, P and Q on the worksheet correspond to the same labels on the Capital allowances schedule 2005. Transfer the amounts from the worksheet labels to the corresponding labels on the schedule.
At L, write the closing balance of your low-value pool for the previous income year. This amount is found at L on the low-value pool worksheet.
At M, write the total cost (as at the end of this income year) of all the low-cost assets allocated to your low-value pool this income year. Show the cost before any adjustment for taxable use percentage. This amount is found at M on the worksheet.
At N, write the total of the opening adjustable values of all low-value assets allocated to the low-value pool in this income year. This amount is found at N on the worksheet.
At O, write the total of any amounts included in the second element of cost of assets in the low-value pool at the start of this income year and of low-value assets added to the pool in this income year. Amounts spent on improving an asset are an example of a second element of cost. Show the second element of cost before any adjustment for taxable use percentage. This amount is found at O on the worksheet.
At P, write the closing balance of the low-value pool for this income year. This amount is found at P on the worksheet.
At Q, write the total termination values of assets in the low-value pool for which a balancing adjustment event occurred. Generally, the termination value is what you receive or are taken to have received for the asset as a result of a balancing adjustment event, such as the proceeds from selling the asset. Show the termination value before any adjustment for taxable use percentage. This amount is found at Q on the worksheet.
Note: You need to include any amounts at L, M, N, O, P and Q on your Capital allowances schedule 2005.
The low-value pool worksheet is provided to help you complete the schedule. Do not include it with your tax return.