Show download pdf controls
  • Capital allowances: draft effective lives of assets used in banking industries

    We are seeking feedback on the draft list of effective lives for assets used in the banking industry.

    Comments are open until 26 April 2019.

    Proposed new determinations

    We propose to add 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).

    Banking (ANZSIC codes 62210 to 62230)

    All effective lives proposed in this determination take effect from 1 July 2019 (excluding effective lives for assets which are included in Table B of Taxation Ruling TR2018/4 – Income tax: effective life of depreciating assets).

    General assets

    Asset

    Effective life (years)

    Automatic teller machines (ATMs) – included in Table B

    8

    Cheque processing machines (including proof machines, endorsers, MICR encoders, printers, readers, sorters and scanners)

    5

    EFTPOS machines and terminals – included under Point of sale assets in Table B

    6

    Variable message signs, such as electronic FX boards and digital LED screens

    5

    Cash handling assets

    Asset

    Effective life (years)

    Coin cabinets, coin drawers and coin trolleys

    15

    Coin counters and sorters (including coin deposit machines (CDMs))

    10

    Note counters and sorters

    8

    Teller cash recyclers (TCRs), teller cash dispensers (TCDs), teller assist units (TAUs) and automated teller safes (ATS)

    7

    Weighing machines (such as coin scales, digital weighing machines, and note scales)

    7

    Safes

    Asset

    Effective life (years)

    Safes (portable)

    40

    Strongroom door and frame

    100

    Teller safes, counter safes and teller time-delay safes

    25

    Vaults (demountable or portable) and Demountable strongrooms

    100

    Security assets

    Asset

    Effective life (years)

    Anti-jump barriers (cables or partitions)

    15

    Ballistic and blast resistant screens and barriers (including fixed and rising types) not forming part of the building – included under Security and monitoring assets in Table B

    20

    See also:

    Tell us what you think

    We welcome your comments and feedback on these draft effective lives. If you disagree with a proposed effective life, tell us why a different effective life should be recommended.

    Provide your comments or questions to Scott Harris by 26 April 2019 by:

    > phone – (07) 3213 5791

    > email – scott.harris@ato.gov.au

      Last modified: 01 Apr 2019QC 58448