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Depreciating Assets transferred to Low Value Pool by mistake

Newbie

Views 687

Replies 3

Hi all,

 

I have transferred depreciating assets (work-related phones, laptops, aircons in rental properties) to LVP. Then the depreciated amount goes to the Other Income tab for unknown reason. Those assets are all for individual use not for business. I guess the system may recognise them as for business purpose, and the transfer is not reversable.

It is very confusing even for me with accounting and taxation background.

Can some expert help this out?

 

Cheers

 

Chen

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 1

If i may venture a guess, its personal use you cant get a deduction, so:

 

deduction from LVP = 100

income from private use = (100)

3 REPLIES 3

Most helpful response

Devotee

Replies 1

If i may venture a guess, its personal use you cant get a deduction, so:

 

deduction from LVP = 100

income from private use = (100)

Newbie

Replies 0

Thanks for your reply.

 

They are all for work-related use.

Newbie

Replies 0

Did you select No to the first question? Are the assets in your Low-value pool solely used in business and not for any other income producing purpose?