This Ruling, released on Wed 25.6.2014, applies from 1 July 2014, 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The Ruling replaces Taxation Ruling TR 2013/4, which is withdrawn with effect from 1 July 2014. To the extent that the Commissioner’s views in that Ruling still apply, they have been incorporated into TR 2014/4. 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 2014 pursuant to s 40-100, determining the effective life of assets covered by the following descriptions including: polymer film and sheet packaging material manufacturing, railway rolling stock manufacturing and repair services, ready-mixed concrete manufacturing, scientific research services, and waste remediation and materials recovery services.
[LTN 120, 25/6/14]