Taxation Ruling
TR 2020/3
Income tax: effective life of depreciating assets (applicable from 1 July 2020)
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Please note that the PDF version is the authorised consolidated version of this ruling and amending notices.This document has been Withdrawn.View the Withdrawal notice for this document.This Ruling, which applies from 1 July 2020, replaces TR 2019/5 (see paragraph 5 of this Ruling for further details).
R
| R | |||
| ASSET |
LIFE
(YEARS) |
REVIEWED |
DATE OF
APPLICATION |
| Rainwater tanks: | |||
| Galvanised steel | 25 | * | 1 Jul 2019 |
| Polyethylene | 15 | * | 1 Jul 2019 |
| Refrigeration assets: | |||
| Compressors, condensers, evaporators etc | 15 | * | 1 Jul 2014 |
| Insulation panels used in cool or freezer rooms | 40 | * | 1 Jul 2014 |
| Robots (industrial) | 10 | * | 1 Jul 2014 |
Not previously issued as a draft
References
ATO references:
NO 1-L24N0H0
Previous Rulings/Determinations:
TR 2020/3W
TR 2014/4
TR 2015/2
TR 2016/1
TR 2017/2
TR 2018/4
TR 2019/5
Subject References:
depreciation
depreciation rate
effective life
Legislative References:
ITAA 1997
ITAA 1997 Div 40
ITAA 1997 40-25
ITAA 1997 40-70(1)
ITAA 1997 40-72(1)
ITAA 1997 40-75(1)
ITAA 1997 40-95
ITAA 1997 40-95(4)
ITAA 1997 40-95(5)
ITAA 1997 40-95(7)
ITAA 1997 40-100
ITAA 1997 40-100(5)
ITAA 1997 40-100(6)(b)
ITAA 1997 40-102
ITAA 1997 40-102(4)
ITAA 1997 40-102(4A)
ITAA 1997 40-105
ITAA 1997 40-110
ITAA 1997 40-345(2)
TAA 1953
Other References:
Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2020 (No. 2)