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Capital Allowances: Draft Effective Lives of Assets used in Transfer Stations and Landfill Services
The following is a recent release from the ATO and their understanding of new Effective Lives which can now be used for depreciation purposes, effective from July 2015 for the Transfer Station and Landfill industry sectors.
They are seeking comments on a draft list of Effective Lives they are releasing for assets used in Transfer Stations and Landfill services.
Proposed new determinations
They are proposing to add the following list of Effective Life determinations to the Commissioner’s schedule to apply to new assets either purchased and first used, or installed ready to use, on or after 1 July 2015 (within the meaning of section 40-95 of the Income Tax Assessment Act 1997). The effective life listed below for each asset basically determines the depreciation rate e.g.: 20 life years = a basic rate of 5% per annum can be claimed on the cost of the item to the income producing taxpayer.
