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Brett owns a business and during the current income year, Brett has an opening pool balance of $3,000. He sold most of the assets
Brett owns a business and during the current income year, Brett has an opening pool balance of $3,000. He sold most of the assets in the pool during the year for $3,500. Please state which of the following answer is correct? O All of the $3,500 will be assessable and the pool will be continued to be depreciated at the rate of 37.5%. The balance of the pool will be reduced to nil and $1,625 will be included in the assessable income as there is no balancing adjustments for a pool. Th There will be a balancing adjustment of $1,625 to be included in the assessable income. There will be a balancing adjustment of $1,625 to be available as a deduction.
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