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Taxation Law: Low Value Pool Deduction

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Question:

Discuss about the Taxation Law for Low Value Pool Deduction.

 

Answer:

Computation of 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.

OR

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