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27 Jun 13 Effective life of depreciating assets (applicable from 1 July 2013) – TR 2013/4

On 26 June 2013 the ATO released Taxation Ruling TR 2013/4, which discusses the methodology used by the Commissioner in making a determination of the effective life of depreciating assets under s 40-100 ITAA 1997.

The Commissioner has also made a determination of the effective life of certain depreciating assets which takes effect from 1 July 2013. This determination has been incorporated into Tables A and B in the Schedule to this Ruling.

Determinations made by the Commissioner of the effective life of depreciating assets apply for the purposes of provisions of Div 40 under which the effective life of a depreciating asset is used to work out the asset’s decline in value. The effective life determination is made having regard to the period the depreciating asset can be used for a purpose specified in s 40-100(5), one of which is use for a taxable purpose. To the extent that the asset is used for a taxable purpose, a deduction may be available under Div 40 for the depreciating asset’s decline in value (see s 40-25).

This Ruling replaces Taxation Ruling TR 2012/2, which is withdrawn from 1 July 2013. To the extent that the Commissioner’s views in that Ruling still apply, they have been incorporated into this Ruling. The Ruling was not released in draft.

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