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Edited version of your private ruling
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Subject: Division 40 and depreciating assets
The taxpayer that is the subject of the ruling will hold and utilise depreciating assets, being chattels, fixtures, and improvements, over an extended period of time.
Question 1
The ruling concerned whether the entity was the holder under item 10 of the table at section 40-40 of the Income Tax Assessment Act 1997(ITAA 1997) of chattels that are depreciating assets.
Answer 1
The Commissioner ruled that the entity was the holder under item 10 of the table at section 40-40 of the ITAA 1997 of chattels that are depreciating assets.
Question 2
The ruling concerned whether the entity was entitled to deductions under section 40-25 of the ITAA 1997 for the decline in value of those chattels that are depreciating assets.
Answer 2
The Commissioner ruled that the entity was entitled to deductions under section 40-25 of the ITAA 1997 for the decline in value of those chattels that are depreciating assets.
Question 3
The ruling concerned whether the entity was the holder under section 40-40 of the ITAA 1997 of fixtures and improvements that are depreciating assets.
Answer 3
The Commissioner ruled that the entity was the holder under section 40-40 of the ITAA 1997 of fixtures and improvements that are depreciating assets.
Question 4
The ruling concerned whether the entity was entitled to deductions under subsection 40-25(1) of the ITAA 1997 for the decline in value for an income year of those fixtures that are depreciating assets.
Answer 4
The Commissioner ruled that the entity was entitled to deductions under subsection 40-25(1) of the ITAA 1997 for the decline in value for an income year of those fixtures that are depreciating assets.