The Small Business General Pool allows you to claim depreciation using simplified rules with accelerated rates, helping you reduce your taxable income faster.
How it works:
Assets under the Instant Asset Write Off threshold are written off in full in the year of purchase.
Assets over the threshold are added to the pool and depreciated at:
15% in the first year, and
30% in each following year.
When your total pool balance falls under the threshold at the end of a financial year, the remaining balance is written off in full.
Steps to add an asset to the Small Business Pool:
Go to the Depreciation tab in Sole Tank.
Select Small Business Pool and click Add.
Choose the asset category.
Enter the purchase details.
Set your claim percentage.
Attach your receipt and click Save.
TaxTank will handle the depreciation rates and write-offs automatically, based on your asset’s value and purchase date.
Switching Methods
If you start with standard depreciation, you can choose to switch to the Small Business Pool in a later financial year.
Once you switch to the Small Business Pool, all future assets must follow that method until the pool balance reaches zero.
💡 Note: TaxTank keeps the thresholds up to date for you, so you never have to worry about changing rules.