The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2012 (No 1) was registered on the Federal Register of Legislative Instruments on Tue 8.5.2012.
It amends the Income Tax (Effective Life of Depreciating Assets) Determination 2001 to provide taxpayers in specific industries (eg radio broadcasting, health and fitness centres and gymnasia operations, industrial gas manufacturing, motor vehicle manufacturing, courier pick-up and delivery, automotive repair and maintenance) and for specific assets with effective lives as a basis to calculate the decline in value (depreciation) of an asset for income tax purposes.
The Determination commences on 1 July 2012.
[LTN 86, 8/5]