Recording details of Pooled assets

This support note applies to:

• AE Assets (AU)

When entering assets into MYOB Accountants Enterprise (AE) Assets you now have the option to enter an opening balance at the beginning of the year for each of the pool control groups.  This assists you to establish the correct balances of a pool if you are establishing an Assets ledger for an existing pool; for example if you have previously used another application or tool to record the pool values and assets.

The taxation pooling rules implemented by the Australian Taxation Office (ATO) does not advocate that individual details of assets are not required. For taxation purposes, the pool calculation of "Decline in value" is performed on the pool balances and not on individual asset details.

When establishing pool opening balances with existing data the individual assets which make up the opening balance of the pool are still required to be entered individually.

Even if all assets are pooled in a taxation pool, asset details still need to be maintained individually for reasons based on the following:

• Disposal, both voluntary and involuntary;

• Recording private use, or otherwise business use, and its changes through the life of the asset;

• Recording asset type, for example motor vehicle etc;

• Certain tax schedules may require certain aggregate amounts based on specified criteria, for example, ATO may require the number and cost of assets costing more than $1000; and Accounting depreciation requirements.