TAX SBE Pools - 50% deduction
In Tax 2020 the use of SBE Pools is incorrect.
When adding an asset to the pools in 2019-20 the assets are depreciating at 57.5% for the 50% up front deduction. This is fine after 12 March 2020, but not before. Also how can you enter a second hand item purchased. The upfront deduction is only for items acquired NEW on or after 12 March 202. It does not include second hand items?
If adding an asset to a pool if less than $150,000 the asset is written on. These should not actually be added to the pool as they are IWO assets. This will cause incorrect tax treatement when sold if part of the pool. I could argue this is user error, but neitherless the software should not do that.
