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  • Draft effective life determinations: wholesaling industries

    We are seeking your comments on the draft list of effective lives for assets used in wholesaling industries.

    Comments are open until 31 March 2019.

    Proposed new determinations

    We propose adding the following list of effective life determinations to the Commissioner's schedule to apply to assets purchased (or otherwise first used or installed ready to use) on or after 1 July 2019 (within the meaning of section 40-95 of the Income Tax Assessment Act 1997).

    Wholesale trade (ANZSIC 33110 to 38000)

    All assets proposed in this determination take effect from 1 July 2019 (excluding assets outlined in Table B).

    General assets:

    Asset

    Effective life (years)

    Barcode readers/scanners - see Table B Warehouse and distribution centre equipment and machines

     

    Benches

    15

    Dimensioning machines

    15

    Ice making machines

    8

    Forklifts - see Table B Warehouse and distribution centre equipment and machines

     

    Pallet conveyers - see Table B Warehouse and distribution centres

     

    Pallet jacks - see Table B Loading bay assets

     

    Picking and collating machines - see Table B Warehouse and distribution centre equipment and machines

     

    Ladders

    4

    Livestock scales, weigh indicators and loading bars

    5

    Racks - see Table B Warehouse and distribution centre equipment and machines:

     

    Refrigeration assets - see Table B Refrigeration assets

     

    Scales (excluding livestock scales)

    10

    Signs - see Table B Advertising signs

     

    Trailers - see Table B Motor vehicles and trailers

     

    Trolleys - see Table B Warehouse and distribution centre equipment and machines

     

    Unmanned aerial vehicles (drones/remotely piloted aircraft) - see Table B Unmanned aerial vehicles

     

    Intermediate bulk containers:

    Mild and stainless steel

    15

    Others

    8

    Lifting and handling assets:

    Elevating work platforms

    10

    Packaging assets:

    Carton sealers and box taping machines

    12

    Pallet wrappers - see Table B Packaging machines

     

    Pumps:

    Chemical pumps

    10

    Product pumps

    12

    Vacuum pumps

    12

    Water pumps

    15

    Tanks:

    Chemical storage tanks

    15

    Water storage tanks

    20

    See also:

    • TR 2018/4Income tax: effective life of depreciating assets

    Tell us what you think

    If you have an interest in these draft effective lives we invite you to comment. If you disagree with a proposed effective life, tell us why a different effective life should be recommended.

    Send your comments or questions to Bernard Mosslar 31 March 2019 by:

      Last modified: 04 Mar 2019QC 58127