STS GENERAL POOL WORKSHEET
effective life of < 25y
Once the
STS is chosen, ALL depreciating
assets must be put in the STS pools at items 13/14, including those not used
for business/PSI, with the following exceptions:
1)
Assets
leased out > 50% of the time, including assets in a rental property (these
will be depreciated by UCA and the LVP)
2)
LVP
assets
3)
Software
development pool assets
4)
Horticultural
plants
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1 (the 1st STS year) PREVIOUSLY DEPRECIATED INCLUDES: Motor vehicles
P.C. deprn. assets Assets with OAV < $1000 Other assets with < 25y life |
2 OAV |
3 % taxable use |
4 Reduced OAV 2 x 3 |
5 NOT PREVIOUSLY DEPRECIATED Cost or OAV > $1000 |
6 Cost or OAV |
7 |
8 % taxable use |
9 Reduced cost or OAV 6 x 8 |
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Balancing adjustment on disposal |
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10 ASSET |
11 termn.value |
12 % taxable use |
13 Reduced termn. value 11 x 12 |
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Lathe |
1200 |
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100 |
1200 |
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Change of taxable use % of an asset (must be > 10% change, and within 3yrs after the initial STS
year) |
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ASSET |
Original OAV 1st yr in STS |
+ or - % change |
factor |
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ADDITION or IMPROVEMENT (second element) |
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Cost |
% taxable use |
7 x 8 |
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increase
in opening pool balance |
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decrease
in opening pool balance |
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Subtotal |
A |
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Subtotal |
E 1200 |
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PLUS opening pool balance (closing balance from previous
year +/- adjustments) |
L 7598 |
E x 15% |
F 180 |
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A + L |
C 7598 |
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Deductible decline in value D + F |
G 2459 |
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C x 30% |
D 2279 |
Closing pool balance (C + E – G – H) |
P 6339 |
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TREATMENT OF MOTOR VEHICLES If
being claimed by set rate or 12%, then the m/v is put into the general pool
at 0% taxable use. If the log book or 1/3 method is subsequently used, the
OAV will be that which would have applied if the taxable use % had been
100%. This
is only possible within 4 yrs of entering the STS, or no depreciation claim
can be made. If the
closing balance falls below $1000, including additions & disposals, but
before any deprn is calculated, claim the balance
outright. CHANGE IN TAXABLE USE % FACTORS 2nd year in pool 3rd year in pool 4th year in pool Depreciating before entry to STS 0.7 0.49 0.343 Introduced while in STS 0.85 0.595 0.343