Low Value Pool (LVP) is a method of depreciating plant items at a higher rate in order to maximise deductions.
A low-cost asset is a depreciating asset whose cost is less than $1,000 (after GST credits or adjustments) at the end of the income year in which you started to use it, or had it installed ready for use, for a taxable purpose. Learn more from the ATO
Make sure to configure first the depreciation settings, learn more.
This video provides the guide on setting-up a low value pool from a rental property using the LodgeiT depreciation module.
Please be aware of the form notes:
A deduction for a low-value pool must be included to D6 only. ATO reference
Please note that LVP will not show against the rental, it will only show against the LVP field. You can see this in the form instructions.