Income Tax Assessment Act 1997

You may choose to work out the decline in value of low‑cost assets (assets costing less than $1,000) and certain other depreciating assets through a low‑value pool.

You may also choose to deduct amounts for expenditure you incur on in‑house software through a software development pool.

Table of sections

Operative provisions

40‑425 Allocating assets to a low‑value pool

40‑430 Rules for assets in low‑value pools

40‑435 Private or exempt use of assets

40‑440 How you work out the decline in value of assets in low‑value pools

40‑445 Balancing adjustment events

40‑450 Software development pools

40‑455 How to work out your deduction

40‑460 Your assessable income includes consideration for pooled software