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Farmers, Associations and members of Associations in the coffee, olive and tree nut industries.
Please be advised that the effective lives have been determined for assets used by farmers in the coffee, olive and tree nut growing industry. These new lives will apply to assets acquired on or after 1 July 2007. Table A as at 1 July 2007 | AGRICULTURE, FORESTRY AND FISHING(01110 to 05290) |
| ASSET | LIFE (YEARS) | REVIEWED | DATE OF APPLICATION | | All terrain vehicles (ATVs) used in primary production activities | 5 | * | 1 Jul 2007 | | Motorcycles used in primary production activities | 5 | * | 1 Jul 2007 | | Tractors | 12 | *# | 1 Jul 2007 |
| Coffee, olive and tree nut growing (01370, 01390 and 01590) | | ASSET | LIFE (YEARS) | REVIEWED | DATE OF APPLICATION | | Chemical spraying assets (including air blast sprayers and linkage sprayers) | 10 | * | 1 Jul 2007 | | Cleaning and mulching assets: | | | | | Blowers | 10 | * | 1 Jul 2007 | | Mowers (including zero turn and ride on) | 8 | * | 1 Jul 2007 | | Mulchers | 8 | * | 1 Jul 2007 | | Slashers | 10 | * | 1 Jul 2007 | | Sweeper attachments | 10 | * | 1 Jul 2007 | | Fertilizer spreaders | 10 | * | 1 Jul 2007 | | General assets: | | | | | Bins: | | | | | Plastic | 10 | * | 1 Jul 2007 | | Timber | 5 | * | 1 Jul 2007 | | Stakes (including trellising) | 3 | * | 1 Jul 2007 | | Harvesting assets: | | | | | Bankouts (almonds) | 15 | * | 1 Jul 2007 | | Catcher nets | 10 | * | 1 Jul 2007 | | Elevators (almonds) | 12 | * | 1 Jul 2007 | | Harvesters: | | | | | Coffee | 10 | *# | 1 Jul 2007 | | Olive | 10 | *# | 1 Jul 2007 | | Nuts: | | | | | Generally | 10 | *# | 1 Jul 2007 | | Macadamia mower mounted | 8 | *# | 1 Jul 2007 | | Pick ups (eg almonds) | 12 | *# | 1 Jul 2007 | | Sweepers | 12 | *# | 1 Jul 2007 | | Tree shakers | 10 | *# | 1 Jul 2007 | | Reservoir carts (almonds) | 15 | * | 1 Jul 2007 | | Harvesting pole rakes | 5 | * | 1 Jul 2007 | | Trailers | 15 | * | 1 Jul 2007 | | Pruning assets: | | | | | Chain saws | 5 | * | 1 Jul 2007 | | Electric hand pruners | 3 | * | 1 Jul 2007 | | Manual hand pruners | 2 | * | 1 Jul 2007 | | Pneumatic pruners: | | | | | Compressor | 10 | * | 1 Jul 2007 | | Hand tools | 5 | * | 1 Jul 2007 |
# this refers to statutory caps of 62/3 years for harvesters and tractors introduced to apply to these type of assets acquired on and after 1 July 2007 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. The effective lives were published on the 27th of June 2007 in Taxation ruling TR2007/3 and this ruling can be found at the following website http://law.ato.gov.au/atolaw/view.htm?DocID=TXR%2FTR20073%2FNAT%2FATO%2F00007 I wish to take this opportunity to thanks all those parties that provided information in this review and hope this provides assistance in complying with the income tax laws. Regards
John Business & Personal Tax, Centre of Expertise
Office of the Chief Tax Counsel
Australian Taxation Office
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