21 Sep 066 Withdrawal of TR 2006/D2 (effective life of a mining, quarrying or prospecting right)On 20 September 2006, the ATO withdrew TR 2006/D2 (Income tax: ascertaining the effective life of a mining, quarrying or prospecting right mentioned in item 11 of the table in s 40-95(7) of ITAA 1997) with immediate effect.
In the 2006-07 Budget the Government announced an intention to amend the way mining, petroleum and quarrying rights are dealt with under Division 40 of the ITAA 1997 with effect from 1 July 2001 - the date such rights were brought into the uniform capital allowances regime as depreciating assets. It is therefore anticipated that the item on which TR 2006/D2 provides guidance will be repealed with effect from 1 July 2001. Consequently, there is no further need for a public ruling to provide guidance on that item.
For a copy of TR 2006/D2W, go here