The ATO advises that it has started a review with a view to making new effective life determinations for assets used in the ammonia and ammonia nitrate manufacturing industry, being a segment of:
- 'basic organic chemical manufacturing' as defined by Australian and New Zealand Standard Industrial Classification (ANZSIC) code 18110
- 'basic inorganic chemical manufacturing' as defined by ANZSIC code 18130
- 'fertiliser manufacturing' as defined by ANZSIC code 18310.
The ATO expects its review of these assets to be completed within 12 months, with new effective life determinations applying from 1 July 2013. Draft effective lives will be issued for public comment well before final decisions are made.
Participation in the review is sought.