This session will look at changes to Tax Depreciation including recent case decisions, ATO Rulings and planned changes in relation to Tax Depreciation.  This is an important update for all Quantity Surveying professionals providing tax depreciation advice and assumes you have an understanding of the depreciation rules in Division 40 of the ITAA97.
All Quantity Surveyors registered with the Tax Practitioners Board are required to complete 6 hours of CPD every three years. This update will ensure registered Tax agents maintain their registration.
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SESSION OVERVIEW
The session will also look at some of the other provisions in the tax laws that can effect depreciation deductions and look at some of the common mistakes. Specifically
Cases
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Rigoli
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AAT Case [2012] AATA 174
ATO Rulings
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TD 2013/15 - Car depreciation limit
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TR 2013/4 - Effective life of depreciating assets, 1 July 2013
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Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2013 (No 1)
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TR 2012/7 - Income tax: capital allowances: treatment of open pit mine site improvements
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TR 2011/6 - Income tax: business related capital expenditure - section 40-880 of the Income Tax Assessment Act 1997 core issues
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ATO ID 2013/49 - Physical water purchased on acquisition of a primary production business
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ATO ID 2012/17 - Capital Allowances: project pools - project - transport capital expenditure
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ATO ID 2012/38 - Capital Allowances: depreciating assets - grant of indefeasible right of use
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ATO ID 2012/40 - Capital Allowances: hire purchase agreement - cost of the acquisition of the property
Planned changes (election announcements)
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Small business immediate write off reduction
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Small business car immediate write off reduction
Other parts of the Tax Act we should be aware of as they can effect depreciation deductions
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Commercial Debt Forgiveness
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Limited Recourse loans
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Cost base reduction following capital works deductions
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Areas of common mistakes
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Second element of cost
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Low Value Pools
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Claiming Capital Works on an acquired building
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Immediate deductions
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Non-business depreciating assets costing $300 or less
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Small businesses
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WHAT YOU WILL LEARN
Update on changes to Tax Depreciation as well as recent case decisions of interest in relation to Tax Depreciation.
WHO SHOULD ATTEND
All registered tax practitioners providing tax depreciation services.
CPD POINTS AWARDED: 2Â
Presenter