\$20 Bonus + 25% OFF

# Taxation Law: Low Value Pool Deduction

0 Download2 Pages / 463 Words Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

## Question:

Discuss about the Taxation Law for Low Value Pool Deduction.

### Desktop Computer

 In the Books of Edward For the year ended 2015-16 Computation of Low Value Pool Deduction Desktop Computer Row Low Value Pool Deduction Amount (\$) A Closing Balance of the pool 900 B Opening Adjustable Value 1250 C Add row (A+B) = D 2150 D Multiply row C by 0.375 806.25 E Taxable percentage use of asset 1250 F Additional Capital cost 0 G Add: Rows (E+F) 1250 H Multiply row G by 0.1875 234.375 I Total Low Value Pool Deduction 1040.625

### B: Furniture

 In the Books of Edward For the year ended 2015-16 Computation of Low Value Pool Deduction Furniture Row Low Value Pool Deduction Amount (\$) A Closing Balance of the pool 2400 B Opening Adjustable Value 3000 C Add row (A+B) = D 5400 D Multiply row C by 0.375 2025 E Taxable percentage use of asset 3000 F Additional Capital cost 0 G Add: Rows (E+F) 3000 H Multiply row G by 0.1875 562.5 I Total Low Value Pool Deduction 2587.5

### Filing Cabinet

 In the Books of Edward For the year ended 2015-16 Computation of Low Value Pool Deduction Filling Cabinets Row Low Value Pool Deduction Amount (\$) A Closing Balance of the pool 890 B Opening Adjustable Value 1000 C Add row (A+B) = D 1890 D Multiply row C by 0.375 708.75 E Taxable percentage use of asset 1000 F Additional Capital cost 0 G Add: Rows (E+F) 1000 H Multiply row G by 0.1875 187.5 I Total Low Value Pool Deduction 896.25

From the above stated computation the questions that is bought forward is regarding claiming an allowable deduction for the declining value of the low cost and low value assets that an individual makes in the course of generating or producing the taxable income at the time of filing tax return (Barkoczy, 2016). As evident from the current of Alpha it is noticed that the declining value of the asset that is reported for that period are less than \$1000.

Alpha reported an asset namely furniture and cabinet filings for which it used prime cost method. According to the rule of the Australian Taxation Office an assumption can be bought forward in the present situation of Alpha that assets such as furniture and cabinet are valued under the prime cost method (Woellner et al., 2016). Therefore, Alpha will not be allowed claim an allowable deduction at the time of filing income tax return. On the other hand, it is noticed that Desktop computers was valued under the diminishing cost method and an allowable deduction can be claimed at the time of filing income tax return by Alpha.

## Reference List:

Barkoczy, S. (2016). Foundations of Taxation Law 2016. OUP Catalogue.

Woellner, R. H., Barkoczy, S., Murphy, S., Evans, C., & Pinto, D. (2016). Australian Taxation Law Select: Legislation and Commentary 2016. Oxford University Press.

### Cite This Work

My Assignment Help. (2018). Taxation Law: Low Value Pool Deduction. Retrieved from https://myassignmenthelp.com/free-samples/taxation-law-low-value-pool-deduction.

"Taxation Law: Low Value Pool Deduction." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/taxation-law-low-value-pool-deduction.

My Assignment Help (2018) Taxation Law: Low Value Pool Deduction [Online]. Available from: https://myassignmenthelp.com/free-samples/taxation-law-low-value-pool-deduction
[Accessed 30 May 2020].

My Assignment Help. 'Taxation Law: Low Value Pool Deduction' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/taxation-law-low-value-pool-deduction> accessed 30 May 2020.

My Assignment Help. Taxation Law: Low Value Pool Deduction [Internet]. My Assignment Help. 2018 [cited 30 May 2020]. Available from: https://myassignmenthelp.com/free-samples/taxation-law-low-value-pool-deduction.

#### BLO1105 Business Law And Justice

• Course Code: BLO1105
• University: Victoria University
• Country: Australia

Answers: Answer 1(a) Issue: Was there any contract formation between Avinash and the café? What are the essentials of a valid contract? Relevant law  There are four major essentials that determine the validity of a contract. These major essential elements of a valid contract are: Offer Acceptance Consideration The intention of creating a legal relationship Offer: An offer can be referred to as a statement of expr...

#### CLWM4000 Business And Corporations Law Assignment

• Course Code: CLWM4000
• Country: United States

Answer: Introduction: It is to be determined whether a valid contract was formed between The Bolton Connect Pty Ltd and Rofi in relation to the chosen case study considering the clause of unconscionable conduct According to Knapp, Crystal & Prince (2016), it can be said that action or statement will be considered to be unconscionable conduct if it is unreasonable and defies good conduct. However, it is to be stated that that this provision ...

#### LL4303 Public Law

• Course Code: LL4303
• University: Kingston University London
• Country: United Kingdom

Answer: Introduction The constitution is explained to be the set of legal rules and regulations that govern the relationship between the ruled and the ruler in a state. It is said that the United Kingdom does not have a detailed constitution like any other country. It is recognized as the “so-called” Constitution of The United Kingdom. It has the principles and laws of the country. The United Kingdom has an uncodified or unwr...

#### PGM301 Employment Law

• Course Code: PGM301
• University: Middlesex University
• Country: United Kingdom

Answers: Introduction Employment law also is known as labor law, which helps to maintain the relationship between an employee and an employer. There are several laws and regulations made to enhance the relationship of the employee with their employers and unions. In case these laws are not followed then illegal liabilities may occur.  The enforcement of these laws are done by the government agencies and they are legislative executive and...

#### BLO 5540 Business And Company Law Assignment

• Course Code: BLO 5540
• University: Victoria University
• Country: Australia

Answer: Answer to A Explain the postal rule: In the contract law, there are certain rules mentioned for making a valid offer and acceptance. When an offer has been made and the same has accepted, it will form a contract between the two parties. However, the acceptance must be communicated. In Felthouse v Bindley, it has been held that silence cannot be treated as a valid acceptance. The general rule regarding the acceptance is that it should...

Next

### Save Time & improve Grade

Just share Requriment and get customize Solution.

Orders

Overall Rating

Experts

### Our Amazing Features

#### On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

#### Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

#### 24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

#### Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

#### Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

### Our Experts

5/5

1758 Order Completed

99% Response Time

### William Martinez

#### Washington, United States

5/5

752 Order Completed

100% Response Time

### Hugh Cleave

#### Wellington, New Zealand

5/5

154 Order Completed

97% Response Time

### Harold Alderete

#### London, United Kingdom

5/5

2632 Order Completed

100% Response Time

### FREE Tools

#### Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

#### Essay Typer

Get different kinds of essays typed in minutes with clicks.

#### Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

#### Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

## Refer Just 5 Friends to Earn More than \$2000

1

1

1

### Live Review

Our Mission Client Satisfaction

Very nicley done. Had no problems to get perfect marks. Will come back for sure for more help

#### User Id: 289697 - 30 May 2020

Australia

Please don’t fluctuate after paying half amount. Fix it at starting. Thankful for your great work. I appreciate it.????????????

#### User Id: 433795 - 30 May 2020

Australia

The answers were so clear and near perfect :D Just as my teacher wanted the answers to be. Also,, the APA style was awesome. Thanks a lot :)

#### User Id: 435122 - 30 May 2020

Australia

I\'m having with the service. I like the way of delivery the content more importantly I\'m sure I ll get good grades

Australia