- Setting pool start dates and configuration rules Learn more
- Creating the General Pool Group with historical opening balances
- Allocating and injecting depreciating assets directly into the pool
- Reconciling tax depreciation with financial accounting methods
Be sure to check the Depreciation configuration first. Learn more
Steps to create General Pool for Business
1. Click Tools and Select Depreciation.
2. In Depreciation window, Click Add button.
3. Update the details
Group Asset set-up:
The LodgeiT General Pool depreciation module automatically applies ATO-compliant instant asset write-off thresholds, including the $150,000 limit for the period between March 12, 2020, and December 31, 2020. The system dynamically adjusts to current thresholds, such as the $20,000 limit for 2025-2026, by identifying closing pool balances for eligible small business entities. For detailed configuration, visit the help article on LodgeiT.
Another option is to maintain accounting-based depreciation for your financial statements and separate tax-based depreciation for the tax return. Alternatively, you can opt out of the Simplified Depreciation Rules entirely by choosing not to use a small business entity (SBE) pool.
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