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The ATO has a dedicated team whose role is to update and expand the Commissioner’s effective life schedule attached to Taxation Ruling TR 2020/3.  This is achieved by staff undertaking effective life reviews, either of a single asset (such as concrete truck mixers), or an industry (e.g. professional photographic services). Broadly, these reviews involve: Identifying the assets currently used in …

THE INTERGENERATIONAL REPORT The 2015 Intergenerational Report made for some sobering reading. It offered insights in Australia’s future and its implications for the fiscal health of the Federal Government and the case for tax reform. The Intergenerational Report explores where we will be in 2055, how will we be dealing with a rapidly ageing population and indeed how we will …

 CONSOLIDATION – TAXING WHOLLY OWNED GROUPS AS SINGLE ENTITIES The income taxation of consolidated and MEC (Multiple Entry Consolidated) groups has been in force since 1 July 2002. Eligible companies, partnerships and trusts that are wholly owned are taxed as if they are part of a single head company.  Many small businesses use simple structures (a single company, partnership, or …