Australia only
How to edit the taxation details for a low value pool asset
- Open the Assets Listing page. See Opening an asset year.
- Select the low value pool asset to be edited. The row containing the selected asset is highlighted.
- Click Edit asset on the Tasks bar.
or
You can select Edit from the right-click menu. The Edit Asset window opens. - Edit the asset Acquisition date, if necessary.
Enter the date in the format dd/mm/yyyy or select the date from the drop-down calendar. Click Today on the drop-down calendar to use the current date.You must not enter a date that is after the Year end date.
If you enter a date prior to the Year start date for the year period, this asset will become a ‘previously depreciated asset’ and will be depreciated at the Year 2+ rate.
The Start date field for the asset is automatically updated to the Year start date. Low value pooled assets are always depreciated for the full year regardless of when they were purchased, therefore there is no need to enter a start date. - Edit the Cost of the asset. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
- Edit the Opening written down value of the asset, as required. The Opening written down value can only be edited, if the Acquisition date is prior to the current financial year. For example, if you are loading a previously depreciated asset from another accountant’s schedule. This is a numeric field that is limited to a maximum of 17 digits including 2 decimal places.
Select the Asset came from an existing LV Pool checkbox, if required. The Asset came from an existing LV Pool checkbox is only available for any previously depreciated assets that are being added to the pool.
Select this checkbox if you are, for example adding assets that were from another accountant. This will result in the following rules being applied:
The pool contribution (taxable value) will not be reduced again by the Private use%, as it was already reduced in the original pool.
No journal will be created to transfer the asset into the pool. The pool account balance is already correct when the original trial balance was placed into the general ledger.
If a change in private use is later applied, selecting the Asset came from an existing LV Pool checkbox will result in the Tax year added to pool value being based on the acquisition date rather than the year it was added to the register.
If you are adding the assets from general assets, then the Asset came from an existing LV Pool checkbox must be deselected.
- Edit the Private use % for the asset. The value must be between 0 and 100%. The Pool contribution (Taxable value) is updated as are all the values in the Decline in value section.
The last statement in the window lets you know the year that the asset was pooled in case you need to go back to the first year and change something about that asset. - Edit the General details of the asset. See Editing the general details of an asset.
- Click OK. The database is updated with any changes made to the asset. The Edit Asset window closes.
