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28 Jun 12 Effective life of depreciating assets - TR 2011/2W and TR 2012/2

On 27 June 2012, the ATO withdrew Taxation Ruling 2011/2 (entitled "Income tax: effective life of depreciating assets (applicable from 1 July 2011)") with effect from 1 July 2012.

Taxation Ruling TR 2011/2 will be replaced by Taxation Ruling TR 2012/2 (entitled "Income tax: effective life of depreciating assets (applicable from 1 July 2012)"), which applies on and from 1 July 2012. It was not previously released in draft form.

To the extent that the views contained in TR 2011/2 still apply, they have been incorporated into TR 2012/2.

The Commissioner's determination of the effective life of depreciating assets has been amended with effect from 1 July 2012. If, for a particular asset, a taxpayer was using an effective life from the determination as in force before the latest amendment (for example, as contained in the Schedule to TR 2011/2), they should continue to use that life for that asset.

 


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