Question: Personal asset now used solely for business: do I move pools?
If one had an asset that was originally used for 5% personal use, but now is used solely for business purposes, would it be possible to move that asset from the capital allowances single asset pool to the main pool or special rate pool and continue?
Arthur Weller replies:
Answer: You are correct. If the asset is now being used solely for business purposes, it is transferred back to the pool it would have been allocated to under the normal rules.