Moving assets to a low value pool

[#1]

I am of the opinion that you only get 1 chance to move a low value asset to a Low Value Pool and that is in the first year that it drops below $1,000 even if a Low value pool doesn't already exists.

I constantly see low value pools being created years after assets went below $1,000.

I can't find any mention of my belief nor the practice of moving assets several years after falling below $1,000

Any Assistance would be great !

[#2 · Accepted solution]

I am of the opinion that you only get 1 chance to move a low value asset to a Low Value Pool and that is in the first year that it drops below $1,000 even if a Low value pool doesn't already exists.

ATO does not indicate one way or the other.

https://www.ato.gov.au/Forms/Guide-to-depreciating-assets-2020/?page=12

ATP please clarify.

[#3]

@Bruce4Tax 

Thanks.

Got 2 new clients who have 4 rentals between them.

Property A & B 50% ownership, Property C 100% by Client A and Property D 100% by Client B.

Things have been depreciated that should have been claimed outright in Div 40 AND Div 43.

I am considering moving all Div 40 into Low Value Pools.

I know technically there should only be 1 pool but as this will be written off when property is sold I think it's best to have Pools by property.

They previously sold 2 other properties last financial year, so they may sell more soon?

[#4]

I know technically there should only be 1 pool but as this will be written off when property is sold I think it's best to have Pools by property.

I use HandiLedger for depn on properties, so I can have separate depn and capital works schedules for each property. 

When  depn asset's WDV passes under $1000, the method is changed to LVP and all the properties feed into a single LVP with a breakdown of the assets by property.