Do the new changes to tax legislation affect your Investment Property?

The final Taxation Ruling issued on 24 June 2009 concerns the effective life of depreciating assets. This ruling replaced Taxation Ruling TR 2008/4 from July 1, 2009. Determinations of the effective life of certain depreciating assets made by the Commissioner are contained in two tables in the ruling which can be found on the ATO website.

The changes include determinations of effective lives for:

Automotive car washing assets
Soft drink manufacturing assets
Scenic and sightseeing transport assets
Poker machines
Glass and glass product manufacturing
Automotive smash repair assets
Commercial vessels
Peanut processing assets
Packaging assets
Iron smelting and steel manufacturing – Sinter and coke making assets

However, if you already have a depreciation report and it uses an effective life from the previous Taxation Ruling TR 2008/4, you should continue to use that effective life for the asset.

A Tax Depreciation specialist can provide advice about your commercial property scenario, obligation free. If you are unsure about your entitlements, or whether this change in effective lives may affect you, please contact a Tax Depreciation specialist today.

Article Provided by BMT & ASSOC Pty Ltd.

Like It? Link it!

You Guide to Capital Gains & Depreciation Schedule Examples

Do the new changes to tax legislation affect your Investment Property?

Leave a Reply