INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

Subdivision 328-D - Capital allowances for small business entities  

Operative provisions

SECTION 328-195   Opening pool balance  

328-195(1)  


For the first income year for which you are a *small business entity and choose to use this Subdivision, the opening pool balance of your *general small business pool is the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets allocated to the pool under subsection 328-185(3) .

328-195(2)  


For a later income year, the opening pool balance of your *general small business pool is that pool's * closing pool balance for the previous income year, reduced or increased by any adjustment required under section 328-225 (about change in the business use of an asset).
Note:

You continue to deduct amounts using your general small business pool even if you are not a small business entity, or do not choose to use this Subdivision, for a later income year: see section 328-220 .

328-195(3)  


However, if:


(a) you are not a *small business entity for an income year or you do not choose to use this Subdivision for that year; but


(b) you are a small business entity for a later income year and you choose to use this Subdivision for the later year;

the opening pool balance of your *general small business pool includes the sum of the *taxable purpose proportions of the *adjustable values of *depreciating assets allocated to the pool under subsection 328-185(3) for that year

.

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.