Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2020 (Cth)
Legislative Instrument
Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2020
I, Lousie Clarke, Deputy Commissioner, Law Design & Practice, make this determination under subsection 40-100(1) of the Income Tax Assessment Act 1997 (ITAA 1997).
Louise Clarke
Deputy Commissioner, Policy Analysis & Legislation | Law Design & Practice
Dated: 17 January 2020
Name of instrument
This determination is the Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2020.
Commencement
This instrument commences on 1 July 2019.
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.
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.
Schedule 1 Amendments
(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 system) | 20 | *# | 1 Jul 2002 |
| Floating storage and offloading (FSO) vessels (incorporating mooring system) | 20 | *# | 1 Jul 2002 |
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