Taxation Ruling
TR 2022/1
Income tax: effective life of depreciating assets (applicable from 1 July 2022)
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Please note that the PDF version is the authorised version of this ruling.This Ruling, which applies from 1 July 2022, replaces TR 2021/3 (see paragraph 6 of this Ruling for further details).
L
| L | |||
| ASSET |
LIFE
(YEARS) |
REVIEWED |
DATE OF
APPLICATION |
| Laboratory assets used in quality control, sample checking etc: | |||
| Automated and electronically based laboratory assets (including analysers, refractometers, spectrometry machines etc) | 7 | * | 1 Jul 2014 |
| Other laboratory assets (including autoclaves, centrifuges, microscopes, ovens etc) | 10 | * | 1 Jul 2014 |
| Laser cutting machines | 10 | * | 1 Jul 2014 |
| Levels: | |||
| Automatic optical levels (dumpy levels) | 7 | * | 1 Jul 2015 |
| Laser levels: | |||
| Grade laying (dial-in grade) | 6 | * | 1 Jul 2015 |
| Laser plummets | 5 | * | 1 Jul 2015 |
| Line and plumb/point and cross line | 4 | * | 1 Jul 2015 |
| Pipe laying | 6 | * | 1 Jul 2015 |
| Rotating | 6 | * | 1 Jul 2015 |
| Tunnelling and plumbing | 6 | * | 1 Jul 2015 |
| Libraries (professional) | 10 | * | 1 Jul 2014 |
| Lift slab assets (incorporating spreader bars, clutches, pulleys and cables) | 5 | * | 1 Jul 2008 |
| Lifts (including dumbwaiters, hydraulic lifts and traction lifts) | 30 | * | 1 Jan 2003 |
| Light fittings and freestanding lights (excluding hardwired light fittings) | 10 | * | 1 Jul 2016 |
| Light shades (removable) | 5 | * | 1 Jul 2016 |
| Lighting control systems (microprocessor based) | 5 | * | 1 Jul 2014 |
| Loading bay assets: | |||
| Dock levellers | 20 | * | 1 Jul 2005 |
| Pallet jacks and pallet trucks | 10 | * | 1 Jul 2005 |
| Scissor lifts | 15 | * | 1 Jul 2005 |
| Lockers, freestanding | 20 | * | 1 Jul 2019 |
References
ATO references:
NO 1-SY3H7A0
Previous Rulings/Determinations:
TR 2017/2
TR 2018/4
TR 2019/5
TR 2020/3
TR 2021/3
Subject References:
depreciation
depreciation rate
effective life
Legislative References:
ITAA 1997 Div 40
ITAA 1997 40-25
ITAA 1997 40-25(7)
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 40-102(5)
ITAA 1997 40-105
ITAA 1997 40-110
ITAA 1997 40-345(2)
IT(TP)A 1997 Subdiv 40-BB
Other References:
Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2022