I, Lousie Clarke, Deputy Commissioner, Law Design & Practice, make this determination under subsection 40-100(1) of the Income Tax Assessment Act 1997 (ITAA 1997).

Louise Clarke

Deputy Commissioner, Policy Analysis & Legislation | Law Design & Practice

Dated: 17 January 2020

1. Name of instrument

This determination is the Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2020.

2.                  Commencement

This instrument commences on 1 July 2019.

3.                  Amendment of Income Tax (Effective Life of Depreciating Assets) Determination 2015

Schedule 1 amends the Income Tax (Effective Life of Depreciating Assets) Determination 2015 - F2015L00798 registered on 11 June 2015.

4.                  Definitions – meaning of symbols used in Tables A and B

An asterisk (*) in the third column of Tables A and B indicates the corresponding assets have been reviewed to date as part of the ongoing review of the Commissioner’s effective life determinations.

A hash (#) in the third column of Table A or B indicates a capped life is available for the depreciating assets under section 40-102 of the ITAA 1997.

A plus (+) in the third column of Table A indicates an immediate deduction is available to primary producers for the depreciating assets under Subdivision 40-F of the ITAA 1997, subject to satisfaction of the required conditions.

Schedule 1 Amendments

(section 3)

[1] Table A, industry category MINING (06000 to 10900), sub-category Oil and gas extraction (07000), Gas production assets

Omit

After

Insert

[2] Table A, industry category MINING (06000 to 10900), sub-category Oil and gas extraction (07000), Oil production assets

Omit

After

Insert