Taxation Ruling
IT 2231W - Withdrawal
Income tax: investment allowance - unit of property
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Please note that the PDF version is the authorised version of this withdrawal notice.
Notice of Withdrawal
Taxation Ruling IT 2231 is withdrawn with effect from today.
1. Taxation Ruling IT 2231 explains the Taxation Board of Review No.3's decision in Case S51 85 ATC 380, Case 57 28 CTBR(NS) 404 where taxpayers were entitled to a deduction for investment allowance (known as development allowance from 30 June 1992) on a new engine in a fishing boat.
2. The former paragraph 82AB(1)(d) of the Income Tax Assessment Act 1936 limited the availability of the development allowance to eligible property first used or installed ready for use before 1 July 2002.
3. The Ruling does not have application where the eligible property was first used or installed ready for use on or after that date.
Commissioner of Taxation
28 May 2008