Long Life Pool
<p>If you are a small business with turnover of less than $2 million the depreciation rules for business assets are now simpler. These changes apply from the 2012-13 income year onwards.
 
What is even better, is the long life pool no longer exists. This means that if you had a long-life pool, its closing balance is rolled over to form part of the opening balance of the general small business pool for the 2012–13 income year.
 
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