Effective Life 2020/1

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Commonwealth of Australia

This legislative instrument was repealed on 2 September 2020 by the Legislation Act 2003.

Income Tax Assessment Act 1997

I, Lousie Clarke, Deputy Commissioner, Law Design and Practice, make this determination under subsection 40-100(1) of the Income Tax Assessment Act 1997 (ITAA 1997).

1. Name of Determination

This determination is the Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2020.

2. Commencement

This instrument commences on 1 July 2019.

3. Amendment of Income Tax (Effective Life of Depreciating Assets) Determination 2015

Schedule 1 amends the Income Tax (Effective Life of Depreciating Assets) Determination 2015 - F2015L00798 registered on 11 June 2015.

4. Definitions - meaning of symbols used in Tables A and B

An asterisk (*) in the third column of Tables A and B indicates the corresponding assets have been reviewed to date as part of the ongoing review of the Commissioner's effective life determinations.

A hash (#) in the third column of Table A or B indicates a capped life is available for the depreciating assets under section 40-102 of the ITAA 1997.

A plus (+) in the third column of Table A indicates an immediate deduction is available to primary producers for the depreciating assets under Subdivision 40-F of the ITAA 1997 subject to satisfaction of the required conditions.

Schedule 1 Amendments

(section 3)

[1] Table A, industry category MINING (06000 to 10900) , sub-category Oil and gas extraction (07000) , Gas production assets

Omit

After

Insert

[2] Table A, industry category MINING (06000 to 10900) , sub-category Oil and gas extraction (07000) , Oil production assets

Omit

After

Insert

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Dated 17 January 2020

Louise Clarke
Deputy Commissioner, Policy, Analysis and Legislation
Law Design and Practice

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Registration Number: F2020L00424

Registration Date: 14 April 2020

Effective Life 2020/1 - Explanatory statement

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