Low Value Pool Assets Depreciation for Tax Purposes

Hi,

We need to define a special depreciation rate for low value pool assets for tax purposes in Australia.

The rule is that the asset should be depreciated at a rate of 18.75% in the first year of addition irrespective of the period the assets has been purchased ( e.g if an asset was purchased in November and the financial year is from July to June the depreciation should be calculated for the whole financial year altough the asset is purchased in November ).

In the reamaining years of the asset the depreciation is calculated at a rate of 37.5 %.

PLEASE NOTE THAT THE DEPRECIATION SHOULD BE CALCULATED AT