Taxation Ruling
IT 2383W - Notice of Withdrawal
Income tax: investment allowance - grant of rights to use a fishing vessel
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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Taxation Ruling IT 2383 is withdrawn with effect from today.
1. Taxation Ruling IT 2383 explains that because a taxpayer granted another person a right to use their fishing vessel, no investment allowance (known as development allowance from 30 June 1992) deduction was allowable under the former section 82AB of the Income Tax Assessment Act 1936 (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
23 April 2008
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