By default, TaxTank automatically allocates assets to the Low Value Pool (LVP) if:
They were purchased for more than $300 but under $1,000, or
They’ve dropped below $1,000 in value when using the diminishing value method in later years.
However, there are cases where assets with individual values under $1,000 are grouped together as a single depreciating asset for convenience. This is a common approach in professional depreciation schedules, where like items (such as blinds, curtains, or freestanding furniture) are combined into one line item.
While the total value may exceed the $1,000 Low Value Pool threshold, grouping similar assets used together is generally accepted under ATO guidelines and helps streamline reporting and depreciation tracking.
The good news, you can manage grouped depreciation items in TaxTank with one simple tick!
How to manually add items to the LVP
Head to the Depreciation tab for your property.
Click the Add button and enter the depreciation details as usual.
Tick the ‘Include in Low Value Pool’ checkbox to override the default logic.
Done — your grouped assets are now pooled and will follow accelerated depreciation rates:
18.75% in Year 1
37.5% in Year 2 and beyond
