This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attention
For depreciating assets in a low-value pool, you need to keep the following details-some details relate to the assets and some to the pool:
- the start time of assets in the pool and the date you started holding them
- the closing pool balance at the end of the previous income year
- any second elements of cost incurred for the income year for assets in the pool at the end of the previous income year
- the opening adjustable value of any low-value assets you have allocated to the pool for the income year
- the first element of cost of any low-cost assets allocated to the pool for the income year
- the second element of cost of low-cost assets and low-value assets allocated for the income year
- the taxable use percentage of each amount added to the pool for the income year
- the termination value and taxable use percentage for any assets in the pool for which a balancing adjustment event occurred during the income year and the date of the balancing adjustment event
- the closing pool balance
- the decline in value
- any amount included in assessable income because the taxable use percentage of the termination value exceeds the closing pool balance
- any recoupment of cost you have included in assessable income.
Because a capital gain or capital loss may arise when a balancing adjustment event occurs for a depreciating asset you expect to use for a non-taxable purpose, for a depreciating asset you have allocated to a low-value pool and expect to use for a non-taxable purpose, you must keep the following information:
Last modified: 01 Jun 2005QC 27399
- the first and second elements of cost
- termination value
- the taxable use percentage.