Worksheet 2: Low-value pool has also been reproduced from the Guide to depreciating assets 2006. The labels L, M, N, O, P and Q on the worksheet correspond to the same labels on the Capital allowances schedule 2006. Transfer the amounts from the labels on worksheet 2 to the corresponding labels on the schedule.
At L, write the closing balance of your low-value pool for the previous income year. This amount is found at L on worksheet 2.
At M, write the total cost (as at the end of this income year) of all the low-cost assets allocated to your low-value pool this income year. Show the cost before any adjustment for taxable use percentage. This amount is found at M on worksheet 2.
At N, write the total of the opening adjustable values of all low-value assets allocated to the low-value pool in this income year. This amount is found at N on worksheet 2.
At O, write the total of any amounts included in the second element of cost of assets in the low-value pool at the start of this income year and of low-value assets added to the pool in this income year. Amounts spent on improving an asset are an example of a second element of cost. Show the second element of cost before any adjustment for taxable use percentage. This amount is found at O on worksheet 2.
At P, write the closing balance of the low-value pool for this income year. This amount is found at P on worksheet 2.
At Q, write the total termination values of assets in the low-value pool for which a balancing adjustment event occurred. Generally, the termination value is what you receive or are taken to have received for the asset as a result of a balancing adjustment event, such as the proceeds from selling the asset. Show the termination value before any adjustment for taxable use percentage. This amount is found at Q on worksheet 2.