Taxation Ruling
IT 69W - Notice of Withdrawal
Investment allowance - hire of plant
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Please note that the PDF version is the authorised version of this withdrawal notice.
Notice of Withdrawal
Taxation Ruling IT 69 is withdrawn with effect from today.
1. Taxation Ruling IT 69 explains the circumstances in which investment allowance deduction is or is not available to equipment that is on hire to occasional users.
2. The former paragraph 82AB(1)(d) of the Income Tax Assessment Act 1936 limited the availability of the investment allowance (known as development allowance from 30 June 1992) deduction to a unit of property that was first used or installed ready for use before 1 July 2002.
3. Therefore, the Ruling does not have application where a unit of property was first used or installed ready for use on or after 1 July 2002.
Commissioner of Taxation
19 March 2008