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Consolidated sold pooled assets

Australia only

When an asset in a low value or small business pool is sold, the ATO requires that the pool total be reduced by the Taxable termination value. For pooled assets there is no profit or loss on sale. As a result, the Closing written down value of an individually sold asset is generally not zero. Consequently, the remaining balance of any sold assets must be carried forward as part of the pool total and continue to be depreciated.

Rather than have a lot of sold assets appear in the register in future years, the Opening written down value of all the individually sold assets are amalgamated into one Consolidated sold asset, which continues to be depreciated at 30% for a small business pool asset and at 37.5% for a low value pool asset (as it makes up a part of the pool total).

Although it may seem strange to carry the sold asset’s Opening written down value forward into future years and continue to depreciate them, this is just an anomaly of how the ATO have designed small business pools and low value pools (see the ATO). The Consolidated sold asset is also required in order that the columns of data in reports and onscreen continue to add up and that the correct amount of depreciation is claimed.

The Consolidated sold asset cannot be edited, sold, unsold or deleted. It does not belong to any particular control group. The Consolidated sold asset only appears when it is needed, e.g., it never appears in the first year register and will only appear in the year after assets are sold.

If the pool is under the threshold and is completely written off, then there will be no Consolidated sold asset in the subsequent year(s).

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