Taxation Ruling

IT 148W - Notice of Withdrawal

Income tax: depreciation on road transport vehicles

• Please note that the PDF version is the authorised version of this withdrawal notice.

FOI status:

may be released

NOTICE OF WITHDRAWAL

Taxation Ruling IT 148 is withdrawn with effect from today.

The question of whether a particular composite item is itself a depreciating asset or whether its components are separate depreciating assets is covered by subsection 40-30(4) of the New Business Tax System (Capital Allowances) Act 2001. Under this subsection a road transport vehicle and its tyres and tubes would constitute the relevant depreciating asset. It is no longer appropriate to treat them as separate assets.

Commissioner of Taxation
25 July 2001

References

ATO references:
NO T2001/11348

Related Rulings/Determinations:

IT 148