The low-value pool worksheet from the publication Guide to depreciating assets has been reproduced in this publication. Download the depreciating assets and low value pool worksheets (PDF 47KB)This link will download a file. The labels L, M, N, O, P and Q on the worksheet correspond to the same labels on the Capital allowances schedule 2003. Transfer the amounts from the worksheet labels to the corresponding labels on the schedule.
In some cases you may need two copies of the low-value pool worksheet -for example, if you have both primary production and non-primary production assets. If you are using more than one worksheet, add up the amounts at each label on both worksheets and transfer the total to the corresponding label 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 above.
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 can be found at M on the worksheet above.
At N, write 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 worksheet above.
At O, write the total of any amounts included in the second element of cost of assets in the low-value pool for this income year. Amounts spent on improving an asset are an example of a second element of cost. Only include amounts for assets in the pool at the end of the previous year and low-value assets allocated for this year. Show the second element of cost before any adjustment for taxable use percentage. This amount can be found at O on the worksheet above.
At P, write the closing balance of the low-value pool for this income year. This amount can be found at P on the worksheet above.
At Q, write the total termination values of assets in the low-value pool for which a balancing adjustment event occurred. The termination value is, generally, what you receive for an asset, such as the proceeds from selling it. Show the termination value before any adjustment for taxable use percentage. This amount is found at Q on the worksheet above.
Note
The low-value pool worksheet is provided to help you complete the schedule. Do not include it with your tax return.