Small business depreciation rules: draft legislation released
On 13 September 2011, the Government released for comment exposure draft legislation which proposes to make various tax law amendments concerning the small business depreciation rules. The amendments are proposed to apply to small business entities as defined in s 328-110 of the ITAA 1997 that have an aggregated turnover of less than $2m for ...more
Effective life of depreciating assets, from 1 July 2010 – Taxation Ruling TR 2010/2
This Ruling, released on 23 June 2010, applies from 1 July 2010, and explains the methodology used by the Commissioner in making determinations of the effective life of depreciating assets for the purposes of s 40-100 of the ITAA 1997. The Ruling replaces TR 2009/4, which is withdrawn on and from 1 July 2010. To the extent that ...more
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