Assets - Small Business Pool in Credit

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Assets - Small Business Pool in Credit

In AE Tax - assets have been sold out of the small business pool causing the ending pool balance to be in credit.

How do we fix this to show a zero balance?

MYOB Staff Post Helen-Z
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MYOB Staff Post




Re: Assets - Small Business Pool in Credit

 Hello @NatRay


Thanks for your post, and welcome to the MYOB Community Forum!


I've posted some links to the ATO's website that provide your solution:


If you have a look at the ATO's Calculating Pool Events, you will see that they advise "If you sell or otherwise dispose of an asset that formed part of a low pool value that has been previously written-off, you need to subtract the taxable purpose proportion of the asset's termination value in calculating the closing pool balance. If the balance (after acquisitions, cost additions and this adjustment) results in a negative amount, this amount must be included in your assessable income, and the pool's closing balance becomes zero."


If you're still unsure, check the ATO's Other Income, they advise that Item 24 Other Income includes "...any assessable balancing adjustment when you stop holding a depreciating asset (for example, because of its disposal, loss or destruction) for which you have claimed a deduction for depreciation or decline in value in previous years; your car is a depreciating asset".




Tax Support Specialist
MYOB Australia Pty Ltd

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