WORKSHEET 2: LOW-VALUE POOLDescription oflow-value asset(LVA)(a)Openingadjustablevalue (OAV)of LVA(b)TaxableusepercentageReducedOAV of LVA(a) (b)Description oflow-cost asset (LCA)or second element ofcost of asset in pool(c)Cost of LCA(d)Secondelement ofcost(e)TaxableusepercentageReducedcost of LCAor reducedsecondelemen<strong>to</strong>f cost[(c) or (d)] (e)Description of assetfor which balancingadjustmentevent occurredBalancing adjustment events(f)Terminationvalue (TV)(g)TaxableusepercentageTotal N Sub<strong>to</strong>tal A Totals M O Sub<strong>to</strong>tal E Q
MORE INFORMATIONINTERNETn For general tax information and up-<strong>to</strong>-date andcomprehensive information about deductions,go <strong>to</strong> a<strong>to</strong>.gov.auPUBLICATIONSPublications referred <strong>to</strong> in this guide are:n Blackhole expenditure: business related expensesn Carbon sink forestsn Foreign exchange (forex): election out of the 12 monthrule (NAT 9344)n GST and the disposal of capital <strong>assets</strong> (NAT 7682)n <strong>Guide</strong> <strong>to</strong> capital gains tax <strong>2013</strong> (NAT 4151)n <strong>Guide</strong> <strong>to</strong> non-commercial lossesn <strong>Guide</strong> <strong>to</strong> small business entity concessionsn <strong>Guide</strong> <strong>to</strong> the <strong>Taxation</strong> of Financial Arrangements (TOFA)rulesn Income Tax Assessment Act 1997n ATO Practice Statement Law AdministrationPS LA 2003/8 – <strong>Taxation</strong> treatment of expenditure onlow cost items for taxpayers carrying on a businessn Private ruling application form (not for tax professionals)(NAT 13742)n Research and development tax incentive scheduleinstructions <strong>2013</strong> (NAT 6709)n <strong>Taxation</strong> Ruling TR 2012/2 – Income tax: effective life of<strong>depreciating</strong> <strong>assets</strong> (applicable from 1 July 2012) whichreplaced– <strong>Taxation</strong> Ruling TR 2011/2 – Income tax: effective lifeof <strong>depreciating</strong> <strong>assets</strong> (applicable from 1 July 2011)– <strong>Taxation</strong> Ruling TR 2010/2 – Income tax: effective lifeof <strong>depreciating</strong> <strong>assets</strong> (applicable from 1 July 2010)– <strong>Taxation</strong> Ruling TR 2009/4 – Income tax: effective lifeof <strong>depreciating</strong> <strong>assets</strong> (applicable from 1 July 2009)– <strong>Taxation</strong> Ruling TR 2008/4 – Income tax: effective lifeof <strong>depreciating</strong> <strong>assets</strong> (applicable from 1 July 2008)– <strong>Taxation</strong> Ruling TR 2007/3 – Income tax: effective lifeof <strong>depreciating</strong> <strong>assets</strong> (applicable from 1 July 2007)– <strong>Taxation</strong> Ruling TR 2006/15 – Income tax: effectivelife of <strong>depreciating</strong> <strong>assets</strong> (applicable from 1 January2007)– <strong>Taxation</strong> Ruling TR 2006/5 – Income tax: effective lifeof <strong>depreciating</strong> <strong>assets</strong>, and– <strong>Taxation</strong> Ruling TR 2000/18 – Income tax: depreciationeffective life (including addendums)n <strong>Taxation</strong> Ruling IT 2685 – Income tax: depreciationn The Taxpayers’ Charter (NAT 2548)n The simplified tax system – a guide for tax agents andsmall businesses (NAT 6459)To get any publication referred <strong>to</strong> in this guide:n go <strong>to</strong> a<strong>to</strong>.gov.au/publicationsn phone 1300 720 092, orn go <strong>to</strong> one of our shopfronts.For our shopfront addresses you can visit our website.PHONEWe can offer a more personalised service if you providea tax file number (TFN).n Individual 13 28 61Individual income tax and general personal taxenquiries, including capital gains taxn Business 13 28 66Information about business income tax, fringe benefitstax (FBT), fuel tax credits (FTC), goods and services tax(GST), pay as you go (PAYG) and activity statements,including lodgment and payment, accounts and businessregistration (including <strong>Australian</strong> business number andtax file number), and dividend and royalty withholding tax.n Superannuation 13 10 20OTHER SERVICESIf you do not speak English well and need help from us,phone the Translating and Interpreting Service (TIS) on13 14 50.If you are deaf or have a hearing or speech impairment,phone us through the National Relay Service (NRS) onthe numbers listed below, and ask for the ATO numberyou need:n TTY users, phone 13 36 77. For ATO 1800 free callnumbers, phone 1800 555 677.n Speak and Listen users, phone 1300 555 727. For ATO1800 free call numbers, phone 1800 555 727.n Internet relay users, connect <strong>to</strong> the NRS atrelayservice.com.auWHY NOT LODGE ONLINE USING E-TAX?n E-tax is our online tax preparation and lodgmentsoftware.n E-tax is free, fast and secure, and you can pre-fill yourreturn with information from your employer, bank,Centrelink, health fund and others.n Most refunds in 12 business days or less.n For more information, go <strong>to</strong> a<strong>to</strong>.gov.au/etax
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