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Item D6 - Low value pool deduction

Click this link for information on Item D6 Low value pool deduction on the ATO website.

Label K - Low value pool deduction

In Tax the Low Value Pool deduction integrates from the details recorded in the Depreciation Worksheet (d). Refer to Depreciation worksheet (d).

Only include at this item a deduction for Low-Value Pool items that were used by taxpayers in their work as employees (work-related deductions D1 to D5), or in earning rental income (Item 21).

Low cost and low value assets used in conducting a business to generate assessable income and added to a Low Value Pool must be claimed at Item P8.

An Eligible work related item is a portable electronic device (such as a mobile phone or laptop computer), computer software, protective clothing, a brief case or a tool of trade, which is primarily for use in the taxpayer’s employment.

You can only have one low-value pool and once you choose to allocate a low-cost asset to the low-value pool, all low-cost assets the taxpayer starts to hold in any subsequent income year must also be allocated to the pool.

CCH References

17-810 Low-value depreciating asset pools

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