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Edited version of private advice
Authorisation Number: 1052294621302
Date of advice: 23 August 2024
Ruling
Subject: Recalculating the effective life of depreciating assets
Question 1
Is Entity X entitled to recalculate the effective lives of depreciating assets, that were installed ready for use after 1 July 2001 (and not acquired under a contract entered into before 11.45am on 21 September 1999 in ACT) under section 40-110 of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer 1
Yes.