Section EE 66 — Income Tax Act 2007: Meaning of poolable property

EE 66 Meaning of poolable property Meaning (1) Poolable property , for an income year, means an item of depreciable property that a person owns to which subsections (2) to (4) apply. Not a building (2) The item is not a building. Maximum pooling value or globo method (3) The item— (a) is acquired in the income year for a cost equal to or less than its maximum pooling value; or (b) was previously accounted for separately but has, as at the start of the income year, an adjusted tax value equal to or less than its maximum pooling value; or (c) was accounted for at the end of the 1992–93 income year using, with the Commissioner’s permission, the globo accounting method. Wholly used or subject to fringe benefit tax (4) The item— (a) is wholly used or available for use by the person in deriving assessable income or carrying on a business for the purpose of deriving assessable income; or (b) to the extent to which it is not wholly used or available for use by the person in deriving assessable income or carrying on a business for the purpose of deriving assessable income, is used in a way that is subject to fringe benefit tax. Defined in this Act: acquire , adjusted tax value , assessable income , building , business , Commissioner , depreciable property , fringe benefit tax , income year , maximum pooling value , own , poolable property Compare: 2004 No 35 s EE 57 Section EE 66 list of defined terms building : inserted (with effect on 30 July 2009), on 28 May 2010, by section 84 of the Taxation (Budget Measures) Act 2010 (2010 No 27).