Taxation Ruling

TR 2022/1

Income tax: effective life of depreciating assets (applicable from 1 July 2022)

  • Please note that the PDF version is the authorised version of this ruling.
    This Ruling, which applies from 1 July 2022, replaces TR 2021/3 (see paragraph 6 of this Ruling for further details).

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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

References

ATO references:
NO 1-SY3H7A0

Previous Rulings/Determinations:
TR 2017/2
TR 2018/4
TR 2019/5
TR 2020/3
TR 2021/3

ISSN: 2205-6122

Subject References:
depreciation
depreciation rate
effective life

Business Line:  PGI

Legislative References:
ITAA 1997 Div 40
ITAA 1997 40-25
ITAA 1997 40-25(7)
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 40-102(5)
ITAA 1997 40-105
ITAA 1997 40-110
ITAA 1997 40-345(2)
IT(TP)A 1997 Subdiv 40-BB

Other References:
Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2022

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