Business Services Industry
Depreciation cap to help energy sector.
Australasian Business Intelligence, May, 2002
May 15, 2002 (The West Australian
ABIX via COMTEX) -- The Australian Government has introduced a new depreciation write-off limit set to benefit major oil and gas projects. As part of the Australian Budget 2002, the Federal Government has set the effective life of assets at no more than 20 years. The oil and gas industry has been lobbying for an accelerated depreciation rate on the basis that it would ensure Australia was internationally competitive. Woodside Petroleum MD John Akehurst said the changes to effective life rules would allow Australia to compete internationally against low-cost suppliers while landing new liquefied natural gas contracts in Asia. The Australian Pipeline Industry Association said the decision would provide an element of certainty for...
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