Should item be in Low value pool

Discussion in 'Accounting & Tax' started by Barneymaroon, 6th Mar, 2020.

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  1. Barneymaroon

    Barneymaroon Well-Known Member

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    12th Aug, 2019
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    We had to replace a clothes line for $290 and installed a water meter in a duplex for $785.

    I sent these off to the quantity surveyor to add to our schedule, and he added both at 2.5% per year for 40 years.

    When I look at
    D6 Low-value pool deduction 2019
    and
    Understand Low-Value Pooling | BMT Tax Depreciation
    I reckon I should be deducting at 18.75 in first year and 37.5 after that.

    Why did the QS put them in the 40 year schedule? Should I take them out?

    Thanks
     
    Barneymaroon, 6th Mar, 2020
    #1
  2. Mike A

    Mike A Well-Known Member

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    They are capital works so no they shouldnt go into the low value pool
     
    Mike A, 6th Mar, 2020
    #2
    BMT Tax Depreciation, Barneymaroon and Ross Forrester like this.
  3. Barneymaroon

    Barneymaroon Well-Known Member

    Joined:
    12th Aug, 2019
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    Location:
    Brisbane
    Thanks!
     
    Barneymaroon, 6th Mar, 2020
    #3
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