In the latest round of reviews for the Effective Life of Assets, the Australian Taxation Office (ATO) is examining the equipment used in several industries to determine how long these items can be depreciated. Paul Mazoletti, National Director, Commercial Tax division said “the proposed changes could see the life of some items reduced or extended, with possible new items added or others deleted from the list.  Consequently, it’s imperative property investors and business operators have a current inventory list and know the effective life of their assets to maximise depreciation.”

Industries impacted by the review include childcare services, aircraft manufacturing and repairs, general practice medical services, funeral, crematorium and cemetery services, supermarkets and grocery stores.  Industry members are invited to have their say to the proposed changes.  See the full list of items under review.

The amendments to the effective life determinations will take effect from 1 July 2020.  To obtain a comprehensive and compliant depreciation report contact our Commercial Tax team.

#napierblakeley #EffectiveLifeOfAssets #ATO #TaxDepreciation