Under current taxation rules, if you dispose of an asset that is in the General STS Pool or Long Life STS Pool, and the proceeds from that disposal are greater than the respective Pool balance, you will need to declare an assessable gain on your tax return.

If you subsequently acquire a new asset and allocate it to the same STS Pool, that assessable gain can be offset against the value of the new asset.

The procedures detailed below are necessary due to the complex nature of the tax legislation.

How does this affect AssetManager Pro?

To enable you to correctly complete your tax return in relation to your STS Pools, MYOB suggests you take the following action.

1. Print the Transaction Detailed List report, filtered for Pool Transactions and Asset Tax Values.
   
   
   
   
   
2.  Identify any Disposal of General STS Pooled Asset and Disposal of Long Life Pooled Asset transactions.
   
   
3. Check if any of the Disposal transactions for General or Long Life STS Pooled assets have a value under the heading Assessable Gain/Loss.
   
   
   
   
   

4. If you locate any STS Pool disposal transactions that have an Assessable Gain, delete them and then re-enter them with the original dates and amounts.
   
   

5. Reprint the Transaction Detailed List report and check the Disposals.
   
   

6. Print the General STS Pool Statement and the Long Life STS Pool Statement and compare the values for asset disposals against the Transaction Detailed List report.
   
   

7. Once this has been done, the closing Pool balances should be correct.

It may be possible that after completing these steps that there is still an assessable gain. If this is the case, please talk to your accountant for advice on treating assessable gains.