Tax - Low Value Pool - Investment Vs Work Expenses

witsa on 24/10/2024 - 00:51

Just doing my tax return for this year.

As far as I know, the low value pool is a collection of deductions that are under $1000 that you can deduct at 18.5% the first year it's in the pool and then 37.5% any subsequent year. MyTax has a feature that allows you to add into this pool and it calculates the amount it depreciates down each year.

Now the thing I don't get is, it's asking me to figure out how much of that pool is related to work expenses vs investment expenses vs property expenses and there is a validation where what you put down has to equal to the Low Value pool.

I don't understand how I'm supposed to work that out? Once it's in the pool, for each deduction there is a bunch of formulas that determine how much you can depreciate each year. Am I supposed to work this out by hand?

Financial

Comments

  • FoxJump on 24/10/2024 - 01:09
    +1

    i think it's broken
    i had the same problem

    i was saved because the wife had the same IP expenses but not work expenses. so i just copied her values

    • witsa on 24/10/2024 - 01:17

      lol well that's fked - a week before the tax deadline and the system doesn't actually work.

      I don't even understand why we'd have to work it out since all the information is already collected. At most you should just have to mark which expenses in your low value pool are in which category and it should just work it out for you.

      • FoxJump on 24/10/2024 - 07:15
        +1

        Just call the ato and ask

  • bemybubble on 24/10/2024 - 05:57

    Do whatever you have to do to let the system push it through. At the end of the day if it’s deductible it won’t change outcome

  • netjock on 24/10/2024 - 09:21

    Call the ATO.

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