Private ruling: Division 40 and depreciating assets
Published: February 2012

Ruling: Q1: The ruling concerned whether the entity was the holder under item 10 of the table at section 40-40 of the Income Tax Assessment Act 1997 (ITAA 1997) of chattels that are depreciating assets. | A1: The Commissioner ruled that the entity was the holder under item 10 of the table at section 40-40 of the ITAA 1997 of chattels that are depreciating assets. | Q2: The ruling concerned whether the entity was entitled to deductions under section 40-25 of the ITAA 1997 for the decline in value of those chattels that are depreciating assets. | A2: The Commissioner ruled that the entity was entitled to deductions under section 40-25 of the ITAA 1997 for the decline in value of those chattels that are depreciating assets. | Q3: The ruling concerned whether the entity was the holder under section 40-40 of the ITAA 1997 of fixtures and improvements that are depreciating assets. | A3: The Commissioner ruled that the entity was the holder under section 40-40 of the ITAA 1997 of fixtures and improvements that are depreciating assets. | Q4: The ruling concerned whether the entity was entitled to deductions under subsection 40-25(1) of the ITAA 1997 for the decline in value for an income year of those fixtures that are depreciating assets. | A4: The Commissioner ruled that the entity was entitled to deductions under subsection 40-25(1) of the ITAA 1997 for the decline in value for an income year of those fixtures that are depreciating assets.




Please check this edited version to be sure that there are no details remaining that you think may allow you to be identified. If you have any concerns about this ruling you wish to discuss, you will find our contact details in the fact sheet. | Subject: Division 40 and depreciating assets: The taxpayer that is the subject of the ruling will hold and utilise depreciating assets, being chattels, fixtures, and improvements, over an extended period of time.