This Ruling, released on Wed 26.6.2013, applies from 1 July 2013, and explains the methodology used by the Commissioner in making determinations of the effective life of depreciating assets under s 40-100 of the ITAA 1997. The Ruling replaces Taxation Ruling TR 2012/2, which is withdrawn on and from 1 July 2013. To the extent that the Commissioner’s views in that Ruling still apply, they have been incorporated into TR 2013/4. The ATO has prepared a consolidated version of the amended determination, which is set out in the Schedule to the Ruling.
The Commissioner has made new determinations that commence on 1 July 2013 pursuant to s 40-100, determining the effective life of assets covered by the following descriptions including: ammonia and ammonium nitrate manufacturing, meat processing, non-ferrous metal casting, paint and costing manufacturing, pet food manufacturing, prefabricated concrete product manufacturing, and sanitary paper product manufacturing.
[LTN 121, 26/6/13]