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Creating a low value pool asset

Australia only

A new low value pool asset can be added to the current year. The asset can be:

  • added as a purchase in the current year, or

  • loaded as a previously depreciated asset if it was purchased in a prior year.

A low value pool asset can only be created for assets that are less than $20,000.

When creating a low value pool asset, we recommend the following:

To create a low value pool asset
  1. Map the relevant general ledger account codes for the low value pool using the Low value pool summary window. See Low value pool summary.
  2. Create the low value pool asset using the Create New Asset Wizard.
    Creating a new Taxation only asset in a low value pool asset with the Create New Asset Wizard is a 3-step process:

When creating a new asset you must already have a control group configured. A message will be displayed if you attempt to create a new asset without having a control group configured. Click Yes to open the Maintain Control Group window and Creating a control group.

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