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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    View history reference

Subdivision 40-E - Low-value and software development pools    View history reference

Operative provisions

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

 View history reference [42-460]

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)  

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


 



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