INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-E - Low-value and software development pools  

Operative provisions

SECTION 40-430   Rules for assets in low-value pools  

40-430(1)  
Once you have made a choice to allocate a * low-cost asset to a low-value pool for an income year, you must allocate all low-cost assets you start to * hold in that income year or a later one to the pool.

Note 1:

This rule does not apply to low-value assets.

Note 2:

If you are a small business entity for the income year and you calculate your deductions for your depreciating assets under Subdivision 328-D , you must deduct amounts for your depreciating assets under that Subdivision unless deductions for particular assets are specifically excluded by that Subdivision.

40-430(2)  


Once you allocate any * depreciating asset to a low-value pool, it must remain in the pool.

View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.