Low Value Pool in eTax

[orton]

Hello All,

I purchased a rental property in November 2011 and here is an extract from the depreciation schedule:

Depreciation Method: Diminishing Value
Owner Percentage: 99%

Financial Year   Plant/Articles        Low Value Pool     Capital Works
------------------------------------------------------------------
2012               1155                    484                    911
2013                979                     1131                  1559
2014                592                     1231                  1559
......                ....                      ...                     ....

I used an accountant to lodge my tax accountant for the financial year 2011-2012. Under "D6 - Low value pool deduction" he wrote "Rental Property - $484".

This financial year, I have decided to do use eTax. I am almost done with my tax return except I am finding it difficult to understand what to enter in the various columns in the 'Low Value Pool' section of the eTax.

I believe that the value for D6 - Low value pool deduction for 2012-2013 should be $1131, but I am not sure what to enter in the various columns.

Any assistance would be much appreciated.

 

[orton]

any help?

 

[depreciator]

There isn't sufficient detail in that Depreciation Schedule for you to fill in those fields.

 

[Paul@PFI]

Depreciation

I shouldn't share my trade but the small box labelled "opening pool balance" is where you enter the prior year balance of $. That amount is eleigible for a flat 30% deduction. Additions made during the year to the schedule are depreciated at a flat 15%.

You dont have to use the "worksheet" but can just enter the depreciation amount you know. e-tax tends to make the simple - Well, difficult.

Regards

Paul
www.pricefinancial.com.au

 

[orton]

after several hours of research, i managed to understand how the "worksheet" works. phew...... my head hurts now.