Effective Life 2020/1
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This legislative instrument was repealed on 2 September 2020 by the Legislation Act 2003.Income Tax Assessment Act 1997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
| Self-propelled floating production storage and offloading (FPSO) ships (incorporating mooring systems) | 20 | *# | 1 Jul 2002 |
| Self-propelled floating storage and offloading (FSO) ships (incorporating mooring systems) | 20 | *# | 1 Jul 2002 |
After
| Electricity generation assets - see Table A Electricity supply (26110 to 26400) |
Insert
| Floating production storage and offloading (FPSO) vessels (incorporating mooring systems) | 20 | *# | 1 Jul 2002 |
| Floating storage and offloading (FSO) vessels (incorporating mooring systems) | 20 | *# | 1 Jul 2002 |
[2] Table A, industry category MINING (06000 to 10900) , sub-category Oil and gas extraction (07000) , Oil production assets
Omit
| Self-propelled floating production storage and offloading (FPSO) ships (incorporating mooring systems) | 20 | *# | 1 Jul 2002 |
| Self-propelled floating storage and offloading (FSO) ships (incorporating mooring systems) | 20 | *# | 1 Jul 2002 |
After
| Electricity generation assets - see Table A Electricity supply (26110 to 26400) |
Insert
| Floating production storage and offloading (FPSO) vessels (incorporating mooring systems) | 20 | *# | 1 Jul 2002 |
| Floating storage and offloading (FSO) vessels (incorporating mooring systems) | 20 | *# | 1 Jul 2002 |
Dated 17 January 2020
Louise Clarke
Deputy Commissioner, Policy, Analysis and Legislation
Law Design and Practice
Registration Number: F2020L00424
Registration Date: 14 April 2020
Effective Life 2020/1 - Explanatory statement
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
