Taxation Ruling

TR 2021/3W

Income tax: effective life of depreciating assets (applicable from 1 July 2021)

• Please note that the PDF version is the authorised version of this withdrawal notice.
  This Ruling has been replaced by TR 2022/1

Notice of Withdrawal

Taxation Ruling TR 2021/3 is withdrawn with effect from 1 July 2022.

1. TR 2021/3 discusses the methodology used by the Commissioner of Taxation in making a determination of the effective life of depreciating assets under section 40-100 of the Income Tax Assessment Act 1997.

2. TR 2021/3 has been replaced by Taxation Ruling TR 2022/1 Income tax: effective life of depreciating assets (applicable from 1 July 2022), which applies from 1 July 2022. To the extent that the views contained in TR 2021/3 still apply, they have been incorporated into TR 2022/1.

3. The Commissioner has made a new determination of the effective life of certain depreciating assets which takes effect from 1 July 2022. This determination has been incorporated into Tables A and B in the Schedule to Taxation Ruling TR 2022/1.

Commissioner of Taxation
29 June 2022

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

TR 2021/3 history

Not issued as a draft

References

ATO references:
NO 1-SY3H7A0

Related Rulings/Determinations:

TR 2015/2
TR 2016/1
TR 2017/2
TR 2018/4
TR 2019/5
TR 2020/3
TR 2021/3

Business Line:  PGI

Legislative References:
ITAA 1997
ITAA 1997 Div 40
ITAA 1997 40-25
ITAA 1997 40-70(1)
ITAA 1997 40-72(1)
ITAA 1997 40-75(1)
ITAA 1997 40-95
ITAA 1997 40-95(4)
ITAA 1997 40-95(5)
ITAA 1997 40-95(7)
ITAA 1997 40-100
ITAA 1997 40-100(5)
ITAA 1997 40-100(6)(b)
ITAA 1997 40-102
ITAA 1997 40-102(4)
ITAA 1997 40-102(4A)
ITAA 1997 40-105
ITAA 1997 40-110
ITAA 1997 40-345(2)
TAA 1953