Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 328-195 Opening pool balance 328-195(1)
For the first income year for which you are a *small business entity and choose to use this Subdivision, the opening pool balance of your *general small business pool is the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets allocated to the pool under subsection 328-185(3) .
328-195(2)
For a later income year, the opening pool balance of your *general small business pool is that pool's * closing pool balance for the previous income year, reduced or increased by any adjustment required under section 328-225 (about change in the business use of an asset).
Note:
You continue to deduct amounts using your general small business pool even if you are not a small business entity, or do not choose to use this Subdivision, for a later income year: see section 328-220 .
328-195(3)
However, if:
(a) you are not a *small business entity for an income year or you do not choose to use this Subdivision for that year; but
(b) you are a small business entity for a later income year and you choose to use this Subdivision for the later year;
the opening pool balance of your *general small business pool includes the sum of the *taxable purpose proportions of the *adjustable values of *depreciating assets allocated to the pool under subsection 328-185(3) for that year
.
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