s 40-420
In forceLow‑value pools under Division 42 continue
Chapter 2Liability rules of general application
Part 2-10Capital allowances: rules about deductibility of capital expenditure
Division 40Capital allowances
Subdivision 40-ELow‑value and software development pools
40-420 Low‑value pools under Division 42 continue
(1)
A low‑value pool you created under Subdivision 42‑M of the former Act continues under the new Act as if it had been created under Subdivision 40‑E of the new Act.
(2)
For the purposes of working out the decline in value of depreciating assets in such a pool for your income year in which 1 July 2001 occurs, step 3 of the method statement in subsection 40‑440(1) of the new Act applies to the pool closing balance, worked out under section 42‑470 of the former Act, for the income year before that year.
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