Business Services Industry
Taxman crimps gas money flow.
Australasian Business Intelligence, December, 2001
Dec 10, 2001 (The Australian
ABIX via COMTEX) -- The Australian Taxation Office (ATO) has again delayed a decision on depreciation rates for gas industry assets. This has placed the investment of hundreds of millions of dollars in infrastructure in doubt. At issue is the effective life for the depreciation of assets such as gas pipelines. Prior to the New Tax System implementation, gas pipelines and other energy infrastructure enjoyed accelerated depreciation over eight years. The proposal before the ATO is that onshore pipelines and other energy infrastructure depreciation be taken over 50 years. The gas industry believes this is a significant deterrent to new investment. The ATO decision has been delayed a further six months.
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