Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2022 (Cth)

Legislative Instrument

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

I, Ben Kelly, Deputy Commissioner of Taxation, make this determination under subsection 40-100(1) of the Income Tax Assessment Act 1997 (ITAA 1997).

Ben Kelly Deputy Commissioner of Taxation Policy, Analysis and Legislation Law Design and Practice

Dated: 10 June 2022

1. Name of instrument This Determination is the Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2022.

2. Commencement This instrument commences on 1 July 2022.

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. Determination The amendments in this determination may affect:

(1) taxpayers who choose, under paragraph 40-95(1)(a) of the ITAA 1997, to use an effective life determined by the Commissioner for a depreciating asset when working out its decline in value, and

(2) taxpayers who are directed, under subsections 40-95(4C),40-95(5C), 40-95(6), 58-75(5) and 58-80(6) of the ITAA 1997, to use an effective life determined by the Commissioner.

5. Definitions 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.

Schedule 1 Amendments (section 3)

[1] Heading to Table A

Omit Table A as at 1 July 2021