Phil Gresham (Fotofast, Taringa) has kindly passed on a new schedule of depreciation for equipment used in photo processing businesses.
This was in turn supplied to Phil by the ATO. Fotofast and other minilab businesses assisted in its preparation.
The new schedule applies to assets used in the photographic film processing industry and acquired on or after July 1 2017. Note that the $20,000 threshold for claiming full depreciation of capital equipment purchased in this financial year once again applies for small business acquisitions.
The document re-published below can also be found on the ATO website under the sub-industry category ‘Photographic film processing (95320)’ within the industry category ‘OTHER SERVICES (94110 TO 96030)’ in Table A of the published Taxation Ruling TR 2017/2 .
‘These lives have been determined based on normal industry practices and taxpayers can still self-assess their own effective lives based on their particular circumstances,’ noted an ATO executive involved in preparing the new schedule.
PDF copy: Photographic film processing (95320)
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