Allocating a rental property asset into the low-value pool

This support note applies to:

AO Classic Tax (AU)

Article ID: 25396

In MYOB Accountants Office (AO) Classic Tax, you can allocate qualifying assets into the low-value pool.

To allocate assets to the low-value pool

Open the rental property and click the Property Details tab.
If the asset/s has not been created, create the asset.
Select the owner for whom you want to allocate the asset/s into the low-value pool and, in the Allocate Assets column, click Allocate Assets. The message All Owner level Rental Capital allowances Worksheets for [client name] will be deleted and replaced with the Capital Allowances Worksheets created at the Rental Property level. If the owner currently has Rental assets in the Low Value Pool, you will need to reallocate them at the Owner level. Do you want to continue? appears.
Click Yes. The message closes.
Click View/Edit Details of Selected Owner. The message All values must be saved before you can view the owners information. Do you want to save now? appears.
Click Yes. The Property Details - Client Share window appears.
For all the other assets that you need to allocate to the low-value pool.
1. Click the relevant label to access the Capital Allowances Worksheet.
2. Double-click the required asset. The Capital Allowances Worksheet - Depreciating Assets window appears.
3. From the Asset Profile tab Depreciation method drop-down list, select Diminishing Value.
  
  You can only depreciate low-value pool assets using the Diminishing Value method.
4. In the Depreciation category drop-down list, select Low Value Pool Asset.
5. Click Save & Close. The Capital Allowances Worksheet window appears.
Click Save & Close until the return appears.
Go to Tax > Asset Pools > Low Value Pool. The Pool Information - Low Value Pool window appears.
Click Extract Pools Total. The window is updated with the latest pool information.
Enter the low-value pool amounts on the return.