New Tax Ruling 2015/2

The Australian Taxation Office has released a new tax ruling effective from the 1st of July 2015.

Replacing Tax Ruling 2014/4, Tax Ruling 2015/2 outlines the effective lives for all assets when calculating depreciation deductions for plant and equipment items.

Previously approved determinations can still be used as the tax ruling in effect at the time an asset is acquired determines the effective life used.

Industries with changed effective lives include waste collection, treatment and disposal services, postal and courier services, surveying and mapping services, machinery equipment repairs and maintenance, rental and hiring service industries and professional photographic services.

A number of assets in Table B of TR 2015/2 such as digital cameras, control cabinets and panels, levels, plumbing fixtures and fittings, taxis, motorcycles, scooters, trailers, telephone systems and fixed and rotary wing aerial vehicles now have new effective lives.

For a copy of the tax ruling which outlines all effective lives, email newruling@bmtqs.com.auor keep up to date by searching BMT Rate Finder.