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Low-value pools - record keeping

Last updated 7 April 2020

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 to the pool 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 in respect of 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, and
  • 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 in relation to a depreciating asset you expect to use for other than a taxable purpose or in relation to a depreciating asset you have allocated to a low-value pool and expect to use for other than a taxable purpose, you must keep the following information:

  • the first and second elements of cost
  • termination value, and
  • the taxable use percentage.

QC27597