Low Value Pool
Low Value Pool:
Xero has locked the entry of low value figures taken from Quantity Surveyors Report for rental properties in tax - item D6 and insists on creating low value pool schedule by entering the asset.
Per advice I received from specialist, I entered the figures and date from the beginning of low value pool e.g. 01/07/2019 with starting amount of $431.00. The following errors and issues come up:
1. The calculated amount was $162 which was claimed five years ago
2. On validation Xero gives error and asks for a date in current year i.e. between 01/07/2024 to 30/06/2025
3. I tried to enter the remaining balance as at 30 June 2024 and first use date as 01/07/2024, Xero starts calculating by 18.75% rate.
I would suggest to unlock figure entries immediately as it was generally used in previous years for old figures.
Thank you
Bis
Bis Elahi
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