Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

SECTION 328-200   General small business pool for the 2012-13 income year  

328-200(1)    
This section applies for the purposes of applying Subdivision 328-D of the Income Tax Assessment Act 1997 for the 2012-13 income year and later income years.

328-200(2)    
A depreciating asset that had been allocated to your long life small business pool is treated as being allocated to your general small business pool.

328-200(3)    
The opening pool balance of your general small business pool for the 2012-13 income year is taken to be the sum of:

(a) the closing pool balance of your general small business pool for the 2011-12 income year, reduced or increased by any adjustment required under section 328-225 of that Act; and

(b) the closing pool balance of your long life small business pool for the 2011-12 income year, reduced or increased by any adjustment required under that section.