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). Continue reading
Simple and rewarding, but often overlooked
Napier & Blakeley’s Louise Hegarty discovers the best way to get your head out of the sand, and the money into your pocket.
There’s one area even experienced property investors can struggle with – property tax depreciation. According to recent mortgage lending stats, the majority of property investors in Australia under-claim the available depreciation, and many don’t claim at all.
Yet it’s surprisingly simple and lucrative, says Peter Guerra, senior manager of the tax team at the Sydney office of Napier & Blakeley. Like most things, it’s all about the people.
“Finding the right professional sets you up for the life of your investment,” says Peter. “An experienced and registered tax depreciation specialist has the skills to obtain the maximum return while still staying compliant. And most importantly, you can relax knowing it’s all being looked after.” Continue reading
