Taxation Ruling
TR 2012/2
TR 2012/2 - Income tax: effective life of depreciating assets (applicable from 1 July 2012)
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Appendix 2 - Detailed contents list
76. Below is a detailed table of contents for this Ruling:
| Paragraph | |
| What this Ruling is about | 1 |
| Previous Rulings | 5 |
| Ruling | 6 |
| Acquisitions of plant pre 21 September 1999 | 8 |
| Acquisitions of plant/depreciating assets post 21 September 1999 | 9 |
| Definitions - rental properties | 11 |
| Definitions - agriculture and services to agriculture | 12 |
| Replacements | 13 |
| Horticultural plants | 18 |
| How to use this schedule | 21 |
| Date of effect | 24 |
| Appendix 1 - Explanation | 25 |
| Background | 25 |
| Context of Commissioner's review | 29 |
| Basic principles of depreciation | 32 |
| How does the Commissioner determine the effective life of a depreciating asset? | 37 |
| Physical life | 40 |
| Engineering information/manufacturer's specifications | 42 |
| Physical life/effective life | 43 |
| The way in which an asset is used by an industry/the past experience of users of the asset | 44 |
| Repairs and maintenance | 46 |
| Renewals | 47 |
| Industry standards | 48 |
| Use of the asset by different industries | 49 |
| Retention period | 51 |
| Obsolescence | 52 |
| Scrapping or abandonment practices | 60 |
| Lease periods | 62 |
| Financial analysis | 63 |
| Market value | 64 |
| Working out your own effective life | 65 |
| Rates | 68 |
| Structure | 69 |
| New and reviewed items | 72 |
| Consultation | 73 |
| Statutory caps | 74 |
| Water assets | 75 |
| Appendix 2 - Detailed contents list | 76 |
| 1 July 2012 Schedule | Page 18 |
| Table A | Page 22 |
| Table B | Page 205 |
Not issued as a draft
References
ATO references:
NO 99/132027; 2000/20567; 2003/11601; 2004/17815;
Related Rulings/Determinations:
IT 2685
TR 2000/18
TR 2006/5
TR 2006/15
TR 2007/3
TR 2008/4
TR 2009/4
TR 2010/2
TR 2011/2
Subject References:
Commissioner's determination of effective life
Commissioner's effective life schedule
decline in value
depreciating assets
depreciation
depreciation rates
effective life
self assessment of effective life
Legislative References:
ITAA 1997
ITAA 1997 Div 40
ITAA 1997 40-70(1)
ITAA 1997 40-72(1)
ITAA 1997 40-75(1)
ITAA 1997 40-95
ITAA 1997 40-100
ITAA 1997 40-100(4)
ITAA 1997 40-100(4)(b)
ITAA 1997 40-105(1)
ITAA 1997 40-110
ITAA 1997 Subdiv 40-B
ITAA 1997 Subdiv 40-E
ITAA 1997 Subdiv 40-F
ITAA 1997 Subdiv 40-G
ITAA 1997 40-520
ITAA 1997 40-555(1)
ITAA 1997 Subdiv 42-M
ITAA 1997 Div 43
ITAA 1997 Subdiv 328-D
TAA 1953
Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005
| Date: | Version: | Change: | |
| You are here | 27 June 2012 | Consolidated ruling |