Document ID: chunk:federal_register_of_legislation:F2022L00823:body:0:p1
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Legislative Instrument

Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2022

I, Ben Kelly, Deputy Commissioner of Taxation, make this determination under subsection 40-100(1) of the Income Tax Assessment Act 1997 (ITAA 1997).

Ben Kelly
Deputy Commissioner of Taxation
Policy, Analysis and Legislation
Law Design and Practice

Dated: 10 June 2022

1.                  Name of instrument
This Determination is the Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2022.

2.                  Commencement
This instrument commences on 1 July 2022.

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.                  Determination
The amendments in this determination may affect:

         (1)               taxpayers who choose, under paragraph 40-95(1)(a) of the ITAA 1997, to use an effective life determined by the Commissioner for a depreciating asset when working out its decline in value, and

         (2)               taxpayers who are directed, under subsections 40-95(4C),40-95(5C), 40-95(6), 58-75(5) and 58-80(6) of the ITAA 1997, to use an effective life determined by the Commissioner.

5.                  Definitions
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.

Schedule 1 Amendments
         (section 3)

[1] Heading to Table A

Omit
Table A as at 1 July 2021

Substitute
Table A as at 1 July 2022

[2] Table A, industry category AGRICULTURE, FORESTRY AND FISHING (01110 to 05290)

Omit
Fences (excluding stockyard, pen and portable fences):  Being fencing constructed at a time for a particular function (eg a line of fencing forming a side of a boundary or paddock) not being in the nature of a repair:

Substitute
Fences (excluding stockyard, pen and portable fences):  Being fencing constructed at a time for a particular function (e.g. a line of fencing forming a side of a boundary or paddock) not being in the nature of a repair:

[3] Table A, industry category AGRICULTURE, FORESTRY AND FISHING (01110 to 05290), sub-category Vegetable growing (outdoors) and sugar cane growing (01230 and 01510)

Omit
 Rakes (eg cane trash rakes)  10  *  1 Jul 2007

Substitute
 Rakes (e.g. cane trash rakes)  10  *  1 Jul 2007

[4] Table A, industry category AGRICULTURE, FORESTRY AND FISHING (01110 to 05290), sub-category Fruit and tree nut growing (01310 to 01370, 01390 and 01590)

Omit
    Pick ups (eg almonds)  12  *#  1 Jul 2007

Substitute
    Pick ups (e.g. almonds)  12  *#  1 Jul 2007