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  • Treatment of existing STS pools



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

    End of attention

    Assets that are currently in an STS pool – a general pool or a long-life pool – continue to be subject to the pooling rules. To ensure continuity in the treatment of depreciating assets, a general pool or long-life STS pool is treated as allocated to a general small business pool or long-life small business pool respectively. The closing balance (with any required adjustments) of an STS pool from the 2006–07 year is carried forward to become the opening pool balance of a small business pool for the 2007–08 year.

    If you are eligible, and choose to continue to use the depreciation rules, you will continue to include any new depreciating assets in the relevant pool. If you choose not to use the simplified depreciation rules you do not have to add any new assets to those pools. You can alternatively account for those assets under the rules.

    For more information, see Small business entity concessions.

    Last modified: 14 Jul 2020QC 27915