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29 Nov 11 Effective life of ammonia and ammonia nitrate manufacturing assets

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.

 


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