INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 62AAO   62AAO   CLOSING BALANCE OF POOL  
The closing balance of a pool for a year of income is worked out using the formula:


Opening balance   -   Total depreciation

where:

``Opening balance'' means the opening balance of the pool for the year of income;

``Total depreciation'' means the total depreciation allowable to the taxpayer under this Act in relation to the year of income in respect of all the units of property allocated to the pool for the year of income.


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