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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:
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Automotive car washing assets
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Scenic and sightseeing transport assets
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Glass and glass product manufacturing
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Commercial vessels
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Packaging assets
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Iron smelting and steel manufacturing - Sinter and coke making assets
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Soft drink manufacturing assets
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Poker machines
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Automotive smash repair assets
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Peanut processing assets
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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.
BMT Tax Depreciation 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 BMT Tax Depreciation specialist today.
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