Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A low - value pool you created under Subdivision 42 - M of the former Act continues under the new Act as if it had been created under Subdivision 40 - E of the new Act.
(2) For the purposes of working out the decline in value of depreciating assets in such a pool for your income year in which 1 July 2001 occurs, step 3 of the method statement in subsection 40 - 440(1) of the new Act applies to the pool closing balance, worked out under section 42 - 470 of the former Act, for the income year before that year.