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.
Kind of interesting but surely coincidental that the categories included are in areas that are surely high in the list of places of business that is at the forefront of our thoughts right at this moment.
The Commissioner has determined the effective lives for depreciating assets utilized in these industries.
Division 40 of the Income Tax Assessment Act 1997 allows the owner of depreciating assets to self-assess the effective lives. To do so, would require serious consideration on possible consequences. That is another conversation for another day.
Let us assist you in ensuring that your depreciation schedules are accurate and reflects current legislation and ATO guidelines.
We have been assisting valuable clients since 1985.
Please do not hesitate to contact one of our registered tax practitioners for assistance:
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