Hello Sarita,
I am not a specialist in the Australian LVP asset functionality but we use something similiar in my home country.
To migrate the LVP asset, we create a single 'LVP" fixed asset for each year (e.g. LVP2015, LVP2016, LVP2017, ...) where post the remaining NBV and then depreciate it over the periods remaining from the 5 years depreciation period specified by the government.
EX: If we migrate the LVP2017 fixed asset we would transfer $44000 and enter 4 years in the remaining lifetime.
I am not sure how this works exactly in Australia and would thus recommend that you have a talk with the key users and/or Australian AX/tax experts.
Best regards,
Ludwig