Capital allowances: draft effective lives of assets used in car parking and the parking services industry
The ATO has just released below New Effective Lives of Div.40-95 plant on Operating Plant with regards to Carparks.
Our National Tax Director, Paul Mazoletti is pleased to advise he will review over the Christmas break and respond to the ATO with comments accordingly.
In the meantime please ensure you all have a safe holiday and lovely Christmas on behalf of the team at Napier & Blakeley.
Proposed new determinations
They propose to add the following list of effective life determinations to the Commissioner’s schedule to apply to assets purchased (or otherwise first used or installed ready-to-use) on or after 1 July 2016 (within the meaning of section 40–95 of the Income Tax Assessment Act 1997).
A related entry in Table A of the Commissioner’s schedule is proposed as follows:
