More changes to effective lives
The ATO has released Tax Ruling 2020/3 that took effect on the 1st July 2020.
New categories of assets have been included:
- Supermarket and grocery stores;
- Aircraft manufacturing and repair services;
- General practice medical services;
- Child care services; and
- Funeral, crematorium and cemetery services. Continue reading
Did you know you can claim depreciation on “working dogs”?
Another determinant by the ATO has classified working dogs specifically those used for security
, therapy, detection, guard, and law enforcement, purchased or used effective as of 1 July 2019, as a capital allowance deduction. Most working dogs now have an effective life of 8 years, I wonder what the Easter Bunny’s effective life would be, not to mention working reindeers and other animals. Refer to this link for actual ATO determination of Working Dogs.
As tax time and the federal election draws near, the impact on the property market will become clear. We’ll keep you updated, in the meantime, have a happy and safe Easter break.
