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  • Item 2: Information from low-value pool worksheet

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    Warning:

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

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    The low-value pool worksheet from the publication Guide to depreciating assets (Worksheet 2) has been reproduced below. The labels LMNOP and Q on the worksheet correspond to the same labels on the Capital allowances schedule 2004. Transfer the amounts from the worksheet labels to the corresponding labels 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.

    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.

    At N, write the total of the opening adjustable values 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.

    At O, write the total of any amounts included in the second element of cost of assets in the low-value pool at the start of this income year and of low-value assets added to the pool in this income year. Amounts spent on improving an asset are an example of a second element of cost. Show the second element of cost before any adjustment for taxable use percentage. This amount can be found At O on the worksheet.

    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.

    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.

    Last modified: 23 Jun 2005QC 27545