INCOME TAX ASSESSMENT ACT 1997 - SECT 328.170 What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997 - SECT 328.170
What this Subdivision is aboutIf 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:
(a) disposal of depreciating assets; and
(b) not choosing to use this Subdivision for an income year after having chosen to do so for an earlier income year; and
(c) changing the business use of depreciating assets.
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
Special rules about roll - overs
328 - 243 Roll - over relief
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
328 - 257 Taxable use