The ATO is seeking comments on a draft list of effective lives for assets used in the survey and mapping services industry.

It proposes to add the list of effective lives to the Commissioner’s schedule that will apply to new assets purchased and first used, or installed ready to use, on or after 1 July 2015 (within the meaning of s 40-95 of the ITAA 1997).

Interested parties can forward their comments on the draft effective lives by 2 April 2015.

Source: ATO website, 2 March 2015.

[IT 3/3/15]