Taxation Ruling
IT 24W - Notice of Withdrawal
Investment allowance - adjustments where leave granted to change accounting period
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Please note that the PDF version is the authorised version of this withdrawal notice.
FOI status:
may be releasedNotice of Withdrawal
Taxation Ruling IT 24 is withdrawn with effect from today.
1. Taxation Ruling IT 24 explains how to claim the investment allowance (known as development allowance from 30 June 1992) deductions under the former subsection 82AB(1) of the Income Tax Assessment Act 1936 (ITAA 1936) in circumstances where the tax accounting period is changed under the ITAA 1936.
2. The former paragraph 82AB(1)(d) of the ITAA 1936 limited the availability of the development allowance to a unit of property that was first used or installed ready for use before 1 July 2002.
3. Therefore, the Ruling does not have application where a unit of property was first used or installed ready for use on or after 1 July 2002.
Commissioner of Taxation
16 April 2008