Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2020
Reference: Effective Life 2020/1
Document type: Determination
Enabling act: Income Tax Assessment Act 1997
Date of issue: 17 January 2020
Signatory: Louise Clarke Deputy Commissioner, Policy, Analysis and Legislation Law Design and Practice
Registration number: F2020L00424
Registration date: 14 April 2020


1. Name of Determination: This determination is the Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2020. | 2. Commencement: This instrument commences on 1 July 2019. | 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. Definitions - meaning of symbols used in Tables A and B: 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. A plus (+) in the third column of Table A indicates an immediate deduction is available to primary producers for the depreciating assets under Subdivision 40-F of the ITAA 1997 subject to satisfaction of the required conditions. (section 3) [1] Table A, industry category MINING (06000 to 10900) , sub-category Oil and gas extraction (07000) , Gas production assets Omit Self-propelled floating production storage and offloading (FPSO) ships (incorporating mooring systems) 20 *# 1 Jul 2002 Self-propelled floating storage and offloading (FSO) ships (incorporating mooring systems) 20 *# 1 Jul 2002 After Electricity generation assets - see Table A Electricity supply (26110 to 26400) Insert Floating production storage and offloading (FPSO) vessels (incorporating mooring systems) 20 *# 1 Jul 2002 Floating storage and offloading (FSO) vessels (incorporating mooring systems) 20 *# 1 Jul 2002 [2] Table A, industry category MINING (06000 to 10900) , sub-category Oil and gas extraction (07000) , Oil production assets Omit Self-propelled floating production storage and offloading (FPSO) ships (incorporating mooring systems) 20 *# 1 Jul 2002 Self-propelled floating storage and offloading (FSO) ships (incorporating mooring systems) 20 *# 1 Jul 2002 After Electricity generation assets - see Table A Electricity supply (26110 to 26400) Insert Floating production storage and offloading (FPSO) vessels (incorporating mooring systems) 20 *# 1 Jul 2002 Floating storage and offloading (FSO) vessels (incorporating mooring systems) 20 *# 1 Jul 2002