The Australian Tax Office (ATO) has released new depreciation schedules for printing industry equipment.

Taxation Ruling TR 2000/18C10 was released on 21 December 2005.  This addendum contains new effective lives for assets used in the printing industry.  The date of effect of these new determinations is 1 January 2006.

This release of the Taxation Ruling follows extensive industry consultation with Printing Industries and 42 organisations from printers to equipment suppliers.

Known as effective life reports, the recommendations affect commercial printing assets (excluding packaging printing) and services to printing.

Printing Industries has been working with the ATO on updating the printing industry asset schedules for more than 21 months. The goal of Printing Industries is to ensure that the depreciation schedules reflect modern day commercial realities and industry participants are comfortable with the provisions.

Printing Industries Manager of Industry and Commercial Policy, Hagop Tchamkertenian, said: "Our consistent message to the ATO has been that the asset depreciation schedules have to take into account rapid changes in technology in the printing industry, ensuring that there was no major discrepancy between the asset life used for taxation purposes and actual industry practice".

To view the proposed new depreciation schedules for printing assets download the attached pdf document below.

ATO Effective Life of Printing Assets (pdf - 126.3 kb) This is an amended version and only contains information specifically for the printing industry