Tax return-CGT Depreciation Low Value Pool

[Anh]

Hi All,

I sold one IP last financial year and try to work out if the accummulated Low Value Pool deductions over the years to be included to reduce the cost base to calculate capital gain tax for the sale.

Example:

Low value pool assets: $5000
Low value pool deductions for the last 5 years: $4000

Will I need to reduce to cost base by $4000

Also can I use the Cost Element "6C-Adjustments for the Cost Base" for this item ?

Many thanks for your help,

Anne

 

[coastymike]

You need to apportion your purchase price and sale price between the land and buildings and plant and equipment.

 

[Anh]

Thank you Coastymike,

Do you know if I can use the WDV from the Depreciation Schedule ?

Ta

Anne

 

[coastymike]

If that represents the market value then will be fine.