Happy New Year 2017 and we are off and at again, as to the ATO.  The below is an update the ATO reviewed over Xmas for all our clients in the Wool Industry. These new effective lives will be introduced in July 2017.

If you have any concerns on your properties and have bought, built or demolished in the last 12 months, you may not be maximising the capital allowances deductions with the latest rates.

Please do not hesitate to give us a call and good luck for the year ahead.

They are seeking your comments on the draft list of effective lives we are releasing for assets used in the wool scouring industry.
Comments are open until 24 February 2017.

Proposed new determinations:

We propose to add the following list of effective life determinations to the Commissioner of Taxation’s schedule. These apply to assets purchased (or otherwise first used or installed ready-to-use) on or after 1 July 2017 (within the meaning of section 40-95 of the Income Tax Assessment Act 1997).

Provide your comments

If you have an interest in these draft effective lives, we invite you to comment. If you disagree with a proposed effective life, tell us why a different effective life should be recommended.

Wool scouring – (ANZSIC code 13110)
Asset	Life (years)	Date of application
Bake	16	1 July 2017
Bale breaker (including wool feeder and wool opener)	15	1 July 2017
Crusher (including duster)	13	1 July 2017
Dryers:
Used in carbonising	13	1 July 2017
Used in scouring	18	1 July 2017
Dust extraction plant	15	1 July 2017
Grease separators	15	1 July 2017
High density press	15	1 July 2017
Scour machine	15	1 July 2017
Waste treatment system	10	1 July 2017