Do schedules account for ATO updates and rulings?

Yes. Our schedules are designed in accordance with current legislation and the latest ATO tax rulings, including TR 97/25 and TR 2024/1, ensuring your claims remain compliant year after year.

We incorporate:

TR 2024/1 – Income Tax: Composite Items
This is the ATO’s most recent and authoritative guidance on depreciating assets. It clarifies:

• How to identify the relevant asset when dealing with composite items (assets made of multiple components).
• Use of the functionality test to determine whether a composite item is a single depreciating asset or multiple separate assets.
• Implications for calculating effective life, depreciation rates, and eligibility for immediate write-offs and concessions.

TR 2024/1 replaces earlier drafts (TR 2017/D1 and TR 2023/D2) and reflects the ATO’s final position after extensive consultation.

TR 97/25 – Capital Works Deductions (Division 43)
Still current and highly relevant, this ruling outlines:

• What qualifies as capital works, including buildings and structural improvements.
• How to calculate and claim Division 43 deductions.
• Applicability to both residential and commercial properties, with guidance on effective life and construction dates.

Key Differences Between TR 2024/1 and TR 97/25:

By aligning our schedules with these rulings, we ensure your depreciation claims are both accurate and ATO-compliant.