The update of the printing industry asset schedules is designed to ensure 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, says Printing Industries has been working with the ATO on this for more than 21 months.

“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,” he says.

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

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

The proposed new depreciation schedules for printing assets can be downloaded from the Printing Industries website.

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