Australia only MYOB Assets caters for 2 types of pooled assets: Low valueDepreciating assets that have GST credits or adjustment costs, or have an adjustable opening value / written down value of less than $20,000 may be added to a low value pool and depreciated at the relevant pool rate. | UI Text Box |
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| These rates will be used regardless of when you allocate the asset to the pool during the year. |
The decline in value of an asset that you hold jointly with others is worked out on the cost of your interest in the asset. This means that if you hold an asset jointly and the cost of your interest in the asset or the opening adjustable value of your interest is less than $20,000, you can allocate your interest in the asset to your low value pool. When you allocate an asset to the pool, you must make a reasonable estimate of the private use percentage that will be for a taxable purpose over its effective life (for a low cost asset) or the effective life remaining at the start of the income year for which it was allocated to the pool (for a low value asset). It is this taxable use percentage of the cost or opening adjustable value that is written off through the low value pool. Once you choose to create a low value pool and a low cost asset is allocated to the pool, you must pool all other low cost assets that you start to hold in that income year and in later income years. However, this rule does not apply to low value assets. You can decide whether or not to allocate low-value assets to the pool on an asset-by-asset basis. Small businessIf you are a small business entity with a aggregated turnover of less than $2 million you can choose to that meets the criteria, you can use the simplified depreciation rules. The simplified depreciation rules are an alternative way to the uniform capital allowances method, of calculating depreciation. If you are using the simplified depreciation rules, you can add certain assets to a small business pool. If you choose to use the simplified depreciation rules, you must apply them to all the all the assets that the rules apply to. | UI Expand |
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| - On the TASKS bar, select Small business pool or Low value pool. The Small Business Pool Summary or Low Value Pool Summary window appears.
If you see a red dash, that means none of the accounts have been mapped. In order to submit journals back correctly, you need to first map these accounts - Map the relevant general ledger account codes for the pool.
- If the general ledger is not integrated, enter the general ledger account code and name for each relevant account. These details will appear in the Journal summary report.
- If the general ledger is integrated, select the magnifying glass and search for the account you want to map it to. You can search by account code or account name.
When you have mapped an account to the ledger, you'll see a green tick.
- Create the pool asset using the Create New Asset Wizard.
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| title | To add an asset to a pool |
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| - Click the asset that you want to move.
- On the TASKS bar, click either Transfer to Low value pool or Transfer to small business pool.
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