Taxation Ruling
TR 2021/3
Income tax: effective life of depreciating assets (applicable from 1 July 2021)
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Please note that the PDF version is the authorised consolidated version of this ruling and amending notices.This document has been Withdrawn.View the Withdrawal notice for this document.This Ruling, which applies from 1 July 2021, replaces TR 2020/3 (see paragraph 6 of this Ruling for further details).
L
| L | |||
| ASSET |
LIFE
(YEARS) |
REVIEWED |
DATE OF
APPLICATION |
| Laboratory assets used in quality control, sample checking etc: | |||
| Automated and electronically based laboratory assets (including analysers, refractometers, spectrometry machines etc) | 7 | * | 1 Jul 2014 |
| Other laboratory assets (including autoclaves, centrifuges, microscopes, ovens etc) | 10 | * | 1 Jul 2014 |
| Laser cutting machines | 10 | * | 1 Jul 2014 |
| Levels: | |||
| Automatic optical levels (dumpy levels) | 7 | * | 1 Jul 2015 |
| Laser levels: | |||
| Grade laying (dial-in grade) | 6 | * | 1 Jul 2015 |
| Laser plummets | 5 | * | 1 Jul 2015 |
| Line and plumb/point and cross line | 4 | * | 1 Jul 2015 |
| Pipe laying | 6 | * | 1 Jul 2015 |
| Rotating | 6 | * | 1 Jul 2015 |
| Tunnelling and plumbing | 6 | * | 1 Jul 2015 |
| Libraries (professional) | 10 | * | 1 Jul 2014 |
| Lift slab assets (incorporating spreader bars, clutches, pulleys and cables) | 5 | * | 1 Jul 2008 |
| Lifts (including dumbwaiters, hydraulic lifts and traction lifts) | 30 | * | 1 Jan 2003 |
| Light fittings and freestanding lights (excluding hardwired light fittings) | 10 | * | 1 Jul 2016 |
| Light shades (removable) | 5 | * | 1 Jul 2016 |
| Lighting control systems (microprocessor based) | 5 | * | 1 Jul 2014 |
| Loading bay assets: | |||
| Dock levellers | 20 | * | 1 Jul 2005 |
| Pallet jacks and pallet trucks | 10 | * | 1 Jul 2005 |
| Scissor lifts | 15 | * | 1 Jul 2005 |
| Lockers, freestanding | 20 | * | 1 Jul 2019 |
Not issued as a draft
References
ATO references:
NO 1-P4Z8VU5
Previous Rulings/Determinations:
TR 2015/2
TR 2016/1
TR 2017/2
TR 2018/4
TR 2019/5
TR 2020/3
Subject References:
depreciation
depreciation rate
effective life
Legislative References:
ITAA 1997
ITAA 1997 Div 40
ITAA 1997 40-25
ITAA 1997 40-70(1)
ITAA 1997 40-72(1)
ITAA 1997 40-75(1)
ITAA 1997 40-95
ITAA 1997 40-95(4)
ITAA 1997 40-95(5)
ITAA 1997 40-95(7)
ITAA 1997 40-100
ITAA 1997 40-100(5)
ITAA 1997 40-100(6)(b)
ITAA 1997 40-102
ITAA 1997 40-102(4)
ITAA 1997 40-102(4A)
ITAA 1997 40-105
ITAA 1997 40-110
ITAA 1997 40-345(2)
IT(TP)A 1997 Subdiv 40-BB
TAA 1953
Other References:
Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2021
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