New and Effective Lives of Plant Slashed by the ATO – Effective 1 July 2016
Following my previous Blog on December 15 – “Effective lives of Assets in Car Parking” , The ATO has once again been hard at work reviewing the effective lives of plant in particular property and other industry sectors. They have proposed to implement the following new determinations and be effective as of July 1 2016.
The ATO has researched and established new effective lives of depreciating assets for an industry sector named Robotic Milking Systems (which comes under the ANZSIC sector of Dairy cattle farming (ANZSIC code 01600).
Refer to this link, if this is of interest to you. Continue reading
Negative Gearing – Property Depreciation get it while you can!
In recent years there has been much debate about the pros and cons of negative gearing in the property industry and what impact removing it from the investment horizon would make.
We get a call every day from clients about this and clearly it is an issue that will affect the investment activity of some investors in the property market.
Whilst recent announcements from politicians on both sides of politics have highlighted that negative gearing is in the cross hairs, it remains to be seen what might actually happen going forward.
We can however be sure (at this stage) that there are no moves afoot to make any changes to claiming property tax depreciation deductions on your investment property, so you can still enjoy these substantial benefits that will significantly enhance your investment cash flow and after tax return going forward. Continue reading
