Taxation Ruling

IT 2308W - Withdrawal

Income tax: depreciation of plant acquired otherwise than by purchase

  • 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Taxation Ruling IT 2308 is withdrawn with effect from today.

1. Taxation Ruling IT 2308, which issued on 30 May 1986, deals with the question of whether for the purposes of section 54 of the Income Tax Assessment Act 1936 (ITAA 1936), plant or articles acquired by a taxpayer otherwise than by purchase, are depreciable. Section 54 of the ITAA 1936 allowed an income tax deduction for depreciation in respect of plant or articles owned by a taxpayer and used by them during the year of income for the purpose of producing assessable income.

2. From 1 July 2001, deductions for depreciating assets are dealt with in Division 40 of the Income Tax Assessment Act 1997 (ITAA 1997). Section 40-180 of the ITAA 1997 deals with the situation covered in Taxation Ruling IT 2308.

3. As the legislation dealt with in Taxation Ruling IT 2308 no longer applies, the Ruling is withdrawn.

Commissioner of Taxation
15 December 2004

References

ATO references:
NO 2003/11684

ISSN: 0813-3662

Related Rulings/Determinations:

IT 2308