Long Life Pool Write Off
<h2 >To simplify and streamline depreciation arrangements for small business, it is proposed that the long life small business pool will cease to exist after the 2011–2012 income year. The closing balance of a small business' long life pool and general small business pool for the 2011–2012 income year will then be added together to calculate the opening balance of the general small business pool for the 2012–2013 income year.<br />
The total balance of the pool can be written off when it falls below $6,500. However, if the pool balance becomes less than nil, the amount by which the balance is less than zero is to be added to the taxpayer's assessable income for that income year.</h2>
<h2 >Description</h2>
<p >A deduction amount for long-life pool assets (2008: effective life of 25 years or more) that the entity can claim because it is eligible to use the simplified depreciation rules and has chosen to do so.
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