• Item 2 - Low-value pool
    Assets worth less than $1,000

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    The low-value pool worksheet from the publication Guide to depreciating assets has been reproduced here. The letters L, M, N, O, P and Q on the worksheet correspond to the labels L, M, N, O, P and Q on the Capital allowances schedule 2002. Transfer the amounts directly from the worksheet to the corresponding labels on the schedule.

    In some cases you may need to use 2 low-value pool worksheets-for example, if you have both primary production and non-primary production assets. Add up the amounts from both worksheets and transfer the totals to the corresponding labels on the schedule.

    Label L

    Write at L the closing pool balance of your low-value pool for the previous income year. This amount is found at L on the low-value pool worksheet.

    Label M

    Write at M the total cost (as at the end of the income year and before any adjustment for taxable use percentage) of all your low-cost depreciating assets allocated to the low-value pool in this income year. This amount can be found at M on the low-value pool worksheet.

    Label N

    Write at N the total opening adjustable value of all low-value assets allocated to the low-value pool in this income year. This amount can be found at N on the low-value pool worksheet.

    Label O

    Write at O the total of any amounts included in the second element of cost (before any adjustment for taxable use percentage) of assets in the low-value pool for the income year. These would be all assets in the pool at the end of the previous year and low-value assets allocated for this year. The second element of cost includes amounts spent on improving an asset. This amount can be found at O on the low-value pool worksheet.

    Label P

    Write at P the closing pool balance of the low-value pool. This amount can be found at P on the low-value pool worksheet.

    Label Q

    Write at Q the termination value of any assets in the low-value pool for which a balancing adjustment event occurred (before any adjustment for taxable use percentage). The termination value is, generally, what you receive for an asset such as the proceeds from selling the asset. This amount is found at Q on the low-value pool worksheet.

    Last modified: 21 Oct 2002QC 27435