Taxation Ruling
TR 2021/3
Income tax: effective life of depreciating assets (applicable from 1 July 2021)
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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that the PDF version is the authorised consolidated version of this ruling and amending notices.This document has been Withdrawn.View the Withdrawal notice for this document.This Ruling, which applies from 1 July 2021, replaces TR 2020/3 (see paragraph 6 of this Ruling for further details).
R
| R | |||
| ASSET |
LIFE
(YEARS) |
REVIEWED |
DATE OF
APPLICATION |
| Racehorses: | |||
| Flat racing (thoroughbred horses) | 5 | * | 1 Jul 2021 |
| Harness racing (standardbred horses) | 7 | * | 1 Jul 2021 |
| Jumps racing (thoroughbred horses) | 10 | * | 1 Jul 2021 |
| Lead and companion ponies (horses) | 5 | * | 1 Jul 2021 |
| 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 issued as a draft
References
ATO references:
NO 1-P4Z8VU5
Previous Rulings/Determinations:
TR 2015/2
TR 2016/1
TR 2017/2
TR 2018/4
TR 2019/5
TR 2020/3
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)
IT(TP)A 1997 Subdiv 40-BB
TAA 1953
Other References:
Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2021