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Articles
‘Bank-like heists’ make way for new wave of cyber crime
ATO reports on key contraventions for 2016-17
ATO, mid-tiers warn on common expenses myths
SMSF trustees told to take action on contributions
Higher instant asset write-off threshold for small business extended
Australian population figures
New data points to spiralling retirement costs
Personal insolvency numbers spike across Australia
ATO cracking down on taxable fringe benefits
Intangible capital improvements made to a pre-CGT asset
The three core pillars of this year's budget
Federal Budget - 2017-18 - Overview
Does your business import or export goods and services?
Federal Budget - 2017-18 - Budget documents
When does an asset cost less than $20,000? Depreciating assets: composite items
ATO finalises guidance for capped defined income streams
Warning on trap with trust deed updates
2011 Census - what was the make up of your area?
It’s no secret that Australians have some of the largest houses in the world.
Resources on our site to help you and your family.
ATO defends approach to SG compliance
Essential steps for SMSF clients before 30 June
New tax incentives for early stage investors
FBT Reminder – Odometer Reading
ATO on 'aggressive' debt recovery hunt
More ATO downtime looms ahead of tax time
Tax debt release applications refused
Troublesome tax system overhaul picks up speed
Government to ‘put to bed’ uncertainties with TRIS
Travel expense and transport of bulky tools claim denied
New law sheds light on global tax issues
Report tips housing price spikes to wipe out super savings
When does an asset cost less than $20,000? Depreciating assets: composite items

Draft Taxation Ruling TR 2017/D1 sets out the Commissioner of Taxation’s views on how to determine if an entire composite item is a depreciating asset or whether its component parts are separate depreciating assets. 



       


 


The draft ruling says that a “composite item” is an asset made up of a number of components that can exist separately. Whether one or more of the item’s components can be considered separate depreciating assets is a question of fact and degree to be determined in the particular circumstances. For a component of a composite item to be considered a depreciating asset, the component must be separately identifiable as having commercial and economic value.


The draft ruling usefully lists the main principles to take into account when determining whether a composite item is a single depreciating asset or is made up of multiple depreciating assets. Some of the examples provided are arguable, so check with your adviser before assuming your item will qualify.


 


 


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5th-June-2017