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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.195

Opening pool balance

  (1)   For the first income year for which you are a * small business entity and choose to use this Subdivision, the opening pool balance of your * general small business pool is the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets allocated to the pool under subsection   328 - 185(3).

  (2)   For a later income year, the opening pool balance of your * general small business pool is that pool's * closing pool balance for the previous income year, reduced or increased by any adjustment required under section   328 - 225 (about change in the business use of an asset).

Note:   You continue to deduct amounts using your general small business pool even if you are not a small business entity, or do not choose to use this Subdivision, for a later income year: see section   328 - 220.

  (3)   However, if:

  (a)   you are not a * small business entity for an income year or you do not choose to use this Subdivision for that year; but

  (b)   you are a small business entity for a later income year and you choose to use this Subdivision for the later year;

the opening pool balance of your * general small business pool includes the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets allocated to the pool under subsection   328 - 185(3) for that year.


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