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New tax depreciation rates for newspaper equipment

Thursday, 09 November 2006
By Print21

Known as ‘effective life reports’, the recommendations affect a wide range of newspaper production equipment ranging from print, prepress and postpress equipment through to binding and wrapping equipment. Joe Kowalewski, national communication manager for Printing Industries, says the ATO wants to know whether the life spans of equipment are accurate or not, and if the report reflects commercial realities.

“The ATO is very keen to get feedback on the equipment depreciation experiences of companies as part of this research,” he says. “Industry comments will be considered during a Review Panel meeting in Brisbane later this month which aims to finalise the schedules for publication in December as an addendum to Taxation Ruling TR 2006/5. The new rates would become effective from 1 January 2007.”

Kowalewski says the consistent message sent to the ATO by Printing Industries has been that the asset depreciation schedules need to take into account the rapid changes in technology in the printing industry, ensuring there was no major discrepancy between asset life for taxation purposes and actual industry practice.

To view the proposed new depreciation schedules for newspaper printing assets download the PDF document.

All comments should be forwarded to:

Paul Newsome
Australian Taxation Office
Effective Life and Capital Allowances Centre of Expertise
PO Box 10284
Brisbane QLD 4001.
Alternatively, responses can be e-mailed to Paul.Newsome@ato.gov.au

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