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 328-200   328-200   Closing pool balance  


You work out the closing pool balance of your *general small business pool for an income year in this way: Method statement

Step 1.

Add to the * opening pool balance of the pool for the income year:

  • (a) the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets you started to use, or have * installed ready for use, for a * taxable purpose during the income year and that are allocated to the pool; and
  • (b) the taxable purpose proportion of any cost addition amounts (see subsection 328-190(3) ) for the income year for assets allocated to the pool.

  • Step 2.

    Subtract from the step 1 amount:

  • (a) the * taxable purpose proportions of the * termination values of * depreciating assets allocated to the pool and for which a * balancing adjustment event occurred during the income year; and
  • (b) your deduction under subsection 328-190(1) for the pool for the income year; and
  • (c) your deductions under subsection 328-190(2) for * depreciating assets you started to use, or have * installed ready for use, for a * taxable purpose during the income year and that are allocated to the pool; and
  • (d) your deductions under subsection 328-190(3) for the income year for cost addition amounts for assets allocated to the pool.

  • Step 3.

    The result is the closing pool balance of the pool for the income year.

    Note:

    A transferor does not subtract anything for certain balancing adjustment events under paragraph (a) of step 2 if roll-over relief under section 40-340 is chosen: see sections 328-243 and 328-245 .


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