- 4 Marks
PT – Nov 2021 – L2 – Q4b – Corporate Tax Liabilities
Explain the tax implications and rules governing the pooling system for depreciable assets.
Question
A Class 1, 2, or 3 depreciable assets owned and employed by a person during a year of assessment in the production of income from a particular business shall, at the time the asset is first owned and employed by that person, be placed in a pool with all other assets of the same class owned and employed by that person in the business.
Required:
What are the implications and taxation rules governing the above statement?
Find Related Questions by Tags, levels, etc.
- Tags: Capital Allowance, Corporate Tax, Depreciable assets, Pooling System, Tax Rules
- Level: Level 2
- Topic: Corporate Tax Liabilities
- Series: NOV 2021
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