Taxation Ruling

TR 2014/4

TR 2014/4 - Income tax: effective life of depreciating assets (applicable from 1 July 2014)

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This Ruling, which applies from 1 July 2014, replaces TR 2013/4 (see paragraph 5 of this Ruling for further details).

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TR 2014/4 - Effective lives (Industry Categories)
Table A as at 1 July 2014 - WHOLESALE TRADE

*WHOLESALE TRADE* ( *33110 to 38000* )

Wool wholesaling (33110)
ASSET	LIFE (YEARS)	REVIEWED	DATE OF APPLICATION
Wool presses	20	*	1 Jul 2006

*Petroleum product wholesaling* *(33210)*
ASSET	LIFE (YEARS)	REVIEWED	DATE OF APPLICATION
Bulk fuel regional depot assets (excluding LPG assets):
Cathodic protection systems:
Sacrificial anode	10	*	1 Jul 2010
Impressed current	20	*	1 Jul 2010
Effluent treatment system (incorporating pumps, motors and electronic circuitry)	15	*	1 Jul 2010
Electric pumps	10	*	1 Jul 2010
Hoses	2	*	1 Jul 2010
Loading gantries and racks (incorporating meters and metering systems)	15	*	1 Jul 2010
Petroleum product storage tanks - fibreglass and steel	20	*	1 Jul 2010
Rigid fuel tank truck assets:
Aluminium tanks or barrels	10	*	1 Jul 2010
Filters	5	*	1 Jul 2010
Metering systems	5	*	1 Jul 2010
Overfill protection systems	10	*	1 Jul 2010
Pumping systems:
Guns and nozzles	3	*	1 Jul 2010
Hose reels	7	*	1 Jul 2010
Hoses	2	*	1 Jul 2010
Hydraulically driven pumps	8	*	1 Jul 2010
Pipes and fittings	10	*	1 Jul 2010
Tailgate loaders	15	*	1 Jul 2010
Single or multi product gasoline and diesoline dispensers (incorporating meters, electronic circuitry, LCD displays, cash presets, hoses, automatic nozzles and steel cabinets and, where applicable, vapour recovery monitoring and collection systems)	10	*	1 Jul 2010
Single or multi product gasoline and diesoline pumps (incorporating pump units, meter, electronic circuitry, LCD displays, cash presets, hoses, automatic nozzles, steel cabinets and, where applicable, vapour recovery monitoring and collection systems)	10	*	1 Jul 2010
Submersible turbine pumps	8	*	1 Jul 2010
Underground distribution piping systems (incorporating pipes, fittings and manholes) fibreglass and steel:	20	*	1 Jul 2010
Bulk fuel terminal assets (excluding LPG assets):
Automatic tank gauges	10	*	1 Jul 2010
Effluent treatment systems (incorporating air pump, pipes, separator and tank)	10	*	1 Jul 2010
Fire protection systems (incorporating auxiliary monitors, fire and ultraviolet detectors, fire indicator panels, fire retardant lines and foam storage tank)	15	*	1 Jul 2010
Hoses	2	*	1 Jul 2010
Loading and unloading arms (incorporating balance mechanisms, couplers, drop hoses and swivels)	10	*	1 Jul 2010
Marketing pumps	7	*	1 Jul 2010
Meters and metering systems	7	*	1 Jul 2010
Overfill protection systems	10	*	1 Jul 2010
Product piping (steel)	20	*	1 Jul 2010
Terminal automation equipment	10	*	1 Jul 2010
Vapour recovery units	15	*	1 Jul 2010
LPG depot and terminal assets:
Automatic tank gauges	10	*	1 Jul 2010
Cathodic protection systems:
Sacrificial anode	10	*	1 Jul 2010
Impressed current	20	*	1 Jul 2010
Depot and terminal storage vessels - aboveground and underground	30	*	1 Jul 2010
Electronic scales	10	*	1 Jul 2010
Forklift fuel tanks:
Galvanised steel or steel tanks coated with zinc rich enamel	15	*	1 Jul 2010
Aluminium tanks	12	*	1 Jul 2010
Hoses	5	*	1 Jul 2010
In-situ permanently installed cylinders	30	*	1 Jul 2010
Leak detection systems	8	*	1 Jul 2010
Leisure market cylinders (4.5 and 9 kgs capacity)	15	*	1 Jul 2010
Loading arms:
Terminal	10	*	1 Jul 2010
Marine	25	*	1 Jul 2010
LPG fleet refuelling facility:
Dispenser	10	*	1 Jul 2010
Guns and nozzles	3	*	1 Jul 2010
Hoses	5	*	1 Jul 2010
Meters	7	*	1 Jul 2010
Piping	20	*	1 Jul 2010
Pump sets	10	*	1 Jul 2010
Storage tanks	30	*	1 Jul 2010
Valves	10	*	1 Jul 2010
LPG tank truck assets:
LPG storage tank	20	*	1 Jul 2010
Metering systems	7	*	1 Jul 2010
Pumping systems:
Pumps	7	*	1 Jul 2010
Hoses	5	*	1 Jul 2010
Hose reels	7	*	1 Jul 2010
Guns and nozzles	3	*	1 Jul 2010
Pipes and fittings	7	*	1 Jul 2010
Valves	7	*	1 Jul 2010
Product piping systems:
Pipes	20	*	1 Jul 2010
Valves	10	*	1 Jul 2010
Pumps	7	*	1 Jul 2010
Stillages	5	*	1 Jul 2010
Vapour recovery units and vapour compressors	7	*	1 Jul 2010
Weighbridges	25	*	1 Jul 2010

*Commission-based wholesaling* *(38000)*
ASSET	LIFE (YEARS)	REVIEWED	DATE OF APPLICATION
Sale yards (used by stock and station agents)	30	*	1 Jul 2014

Not issued as a draft

References

ATO references:
NO 99/132027; 2000/20567; 2003/11601; 2004/17815; 2005/6504; 2005/18073; 2006/25212; 2007/7796; 2008/9394; 2009/5704; 1-20KCCA6; 1-2Z8ZAX4; 1-3VCCZ0O; 1-4NMTK3G; 1-5EJ20VG

ISSN: 1039-0731

Related Rulings/Determinations:

IT 2685
TR 2000/18
TR 2006/5
TR 2006/15
TR 2007/3
TR 2008/4
TR 2009/4
TR 2010/2
TR 2011/2
TR 2012/2
TR 2013/4

Subject References:
capped lives
determination of effective life
decline in value
depreciating assets
effective life
effective life determination

Legislative References:
ITAA 1997
ITAA 1997 Div 40
ITAA 1997 40-70(1)
ITAA 1997 40-72(1)
ITAA 1997 40-75(1)
ITAA 1997 40-95
ITAA 1997 40-100
ITAA 1997 40-100(5)
ITAA 1997 40-100(6)(b)
ITAA 1997 40-102(4)
ITAA 1997 40-102(4A)
ITAA 1997 40-105
ITAA 1997 40-110
TAA 1953

Other References:
Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2014 (No. 1)

TR 2014/4 history

	Date:	Version:	Change:
	25 June 2014	Original ruling
You are here	16 July 2014	Consolidated ruling	Erratum
	6 August 2014	Consolidated ruling	Addendum

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