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22 Mar 07 When does a tangible depreciating asset start to decline in value? - TD 2007/5

This finale Taxation Determination was issued on 21 March 2007. It was not previously released in draft form. Its full title is "Income tax: does a tangible depreciating asset start to decline in value under s 40-60 of ITAA 1997 from when it is acquired if the asset is acquired for the sole purpose of using it in a business that has not commenced to be carried on?"

The answer given is "No. A tangible depreciating asset that is acquired for the sole purpose of using it in a business that has not commenced to be carried on does not start to decline in value under s 40-60 of ITAA 1997 from when the asset is acquired."

As a result of the issue of TD 2007/5, TD 95/52 (Income tax: is depreciation allowable under s 54(1) of ITAA1936 if income producing operations in a business have not yet commenced?) has been withdrawn with effect from 21 March 2007.

For a copy of TD 2007/5, go here

For a copy of TD 95/52W, go here

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