Income Tax Assessment Act 1997
If you are a small business entity, you can choose to deduct amounts for most of your depreciating assets on a diminishing value basis using a pool that is treated as a single depreciating asset.
Broadly, the pool is made up of the costs of the depreciating assets that are allocated to it or, in some cases, a proportion of those costs.
The pool rate is 30%.
There is a deduction for assets whose cost is less than $1,000 in the income year in which you start to use the asset or have it installed ready for use.
This Subdivision sets out how to calculate the pool deductions, and also sets out the consequences of:
|328-175||Calculations for depreciating assets|
|328-180||Assets costing less than $1,000|
|328-195||Opening pool balance|
|328-200||Closing pool balance|
|328-205||Estimate of taxable use|
|328-210||Low pool value|
|328-215||Disposal etc. of depreciating assets|
|328-220||What happens if you are not a small business entity or do not choose to use this Subdivision for an income year|
|328-225||Change in business use|
|328-230||Estimate where deduction denied|
|328-235||Interaction with Divisions 85 and 86|
|328-237||(Repealed by No 96 of 2014)|
|328-240||(Repealed by No 41 of 2005)|
|Special rules about roll-overs|
|328-245||Consequences of roll-over|
|328-250||Deductions for assets first used in BAE year|
|328-253||Deductions for cost addition amounts|
|328-255||Closing pool balance etc. below zero|